Moorpark CA Real Estate
Tina Hare
805-990-7580805-990-7580

Why Moorpark Mortgage Interest Rate Rises Concern Shoppers

Ventura County mortgage interest rate

 

Why Moorpark Mortgage Interest Rate Rises Concern Shoppers

 

If you begin a search for a new home by going online to check out the Moorpark listings, it’s likely that one of the first search criteria you enter will be the price range. After all, unless you are a virtual looky-loo who is just checking out how the other half lives, your budget will dictate which homes you seriously consider. If you are one of the more than two-thirds of us who will be counting on a loan to help finance that home purchase, the monthly payment amount is really what matters.

 

That’s why you don’t have to be a dedicated number-cruncher to be keenly interested in the direction Moorpark mortgage interest rates are going to head. In fact, if you aren’t one of those whose idea of a good time includes working out spreadsheet calculations, it probably came as a shock the first time you realized how big a deal it is when Moorpark mortgage interest rates notch up or down even a single percentage point. If you’ve never sat down to look at the numbers, please sit down before continuing…

 

For a quick example, suppose you were Average American Homebuyer taking advantage of an average American home purchase just this past July. Your family income was a bit higher than the median of $55,000—say, $60,000—so if you went with the lenders’ standard rule that 28% of income is the most a housing budget should allow, that meant $1,400 would be your maximum mortgage payment.

 

You found a terrific buy—a brand new home at exactly the median U.S. new home price, $286,000. You had saved up diligently, so the 20% down payment was available. That made enough of a dent in the sales price to qualify for the median mortgage interest rate, which was July’s 4.05%. Your annual taxes and bank-required insurance came to an annual $3,000, which added $250 a month). The whole situation made you more than median-ly happy, because it meant that your monthly mortgage payment on the home’s 30-year fixed rate mortgage came to only $1,350. That provides $50 of breathing room…

 

But remember, this quick example is one that required you to sit down. Sooooo -- what’s the problem? It’s this talk about the Federal Reserve wanting to raise the federal funds target rate. That would have to trigger rises in the mortgage interest rates in Moorpark (and everywhere else). In our quick example, taxes and insurance costs stay the same; but suppose the mortgage interest rate notches up one little percentage point, to just 5.05%? That’s still below the historical average, yet the same home—and the same loan except for that one percent raise—now requires a monthly $1,486 payment. That crosses the budget recommendations—and although some lenders would likely consider other factors that might make the loan possible, that single percentage point rise does wind up costing Average American Homebuyer more than $1,630 a year (and nearly $50,000 over the life of the loan).

 

The reality is that prudent home shoppers are currently able to consider properties at higher price ranges than will be the case after mortgage interest rates rise. For them, the market is literally wider than it will become later.

 

A further note: August saw Moorpark mortgage interest rates fall below even July’s 4.05%. Another very good reason to give me a call!   805.990.7580 http://www.FineHomesByTinaHare.com


Sorted by
1 - 30 of 66 | Previous Page 1 of 3 Next
  • List View
  • Map View
  • Grid View
  1. Photo of 15463 DORIS COURT, Moorpark, CA 93021 (MLS # 217012771)
    24
    Open House
    3 beds,  2 full, 1 half baths
    1,622 sqft   lot 7,729 sqft
    Walk Score® 24
    MLS 217012771
  2. Photo of 13174 SILVER CREEK STREET, Moorpark, CA 93021 (MLS # SR17240120)
    28
    Open House
    3 beds,  2 full, 1 half baths
    1,770 sqft   lot 7,119 sqft
    Walk Score® 18
    MLS SR17240120
  3. Photo of 4091 WINTER WOOD COURT, Moorpark, CA 93021 (MLS # 217012754)
    48
    Pre-Foreclosure
    or Short Sale
    5 beds,  4 full, 1 half baths
    3,603 sqft   lot 14,382 sqft
    Walk Score® 64
    MLS 217012754
  4. Photo of 12090 NELSON ROAD, Moorpark, CA 93021 (MLS # 317006495)
    63
    5 beds,  5 full, 1 half baths
    5,364 sqft   lot 17,572 sqft
    Walk Score® 6
    MLS 317006495
  5. Photo of 4611 PEPPER MILL STREET, Moorpark, CA 93021 (MLS # SR17240997)
    7
    4 beds,  2 full, 1 half baths
    2,533 sqft   lot 6,500 sqft
    Walk Score® 22
    MLS SR17240997
  6. Photo of 8420 WATERS ROAD, Moorpark, CA 93021 (MLS # 217012750)
    31
    4 beds,  3 full, 2 half baths
    3,600 sqft   lot 10.04 ac
    Walk Score® 0
    MLS 217012750
  7. Photo of 6544 NORTH AMHERST STREET, Moorpark, CA 93021 (MLS # 217012735)
    37
    4 beds,  2 full baths
    2,139 sqft   lot 6,527 sqft
    Walk Score® 29
    MLS 217012735
  8. Photo of 4843 PENROSE AVENUE, Moorpark, CA 93021 (MLS # 217012710)
    24
    Open House
    3 beds,  2 full, 1 half baths
    1,367 sqft   lot 3,471 sqft
    MLS 217012710
  9. Photo of 13407 PEACH HILL ROAD, Moorpark, CA 93021 (MLS # 217012722)
    26
    3 beds,  2 full baths
    1,440 sqft   lot 13,175 sqft
    Walk Score® 22
    MLS 217012722
  10. Photo of 3953 WEEPING WILLOW DRIVE, Moorpark, CA 93021 (MLS # SR17239449)
    51
    Open House
    4 beds,  3 full baths
    2,826 sqft   lot 6,588 sqft
    Walk Score® 27
    MLS SR17239449
  11. Photo of 4319 CLAVELE CT, Moorpark, CA 93021 (MLS # 17280364)
    47
    3 beds,  3 full baths
    1,723 sqft   lot 6,678 sqft
    Walk Score® 23
    MLS 17280364
  12. Photo of 4930 READ ROAD, Moorpark, CA 93021 (MLS # 217012482)
    73
    5 beds,  5 full, 1 half baths
    5,151 sqft   lot 4.91 ac
    Walk Score® 1
    MLS 217012482
  13. Photo of 12234 PALMER DRIVE, Moorpark, CA 93021 (MLS # SR17233174)
    8
    5 beds,  5 full, 1 half baths
    4,764 sqft   lot 18,272 sqft
    Walk Score® 4
    MLS SR17233174
  14. Photo of 634 LUCILLE CIRCLE, Moorpark, CA 93021 (MLS # SR17233345)
    16
    4 beds,  1 full, 1 three-quarter, 1 half baths
    1,983 sqft   lot 10,767 sqft
    Walk Score® 44
    MLS SR17233345
  15. Photo of 3905 PRATO COURT, Moorpark, CA 93021 (MLS # 217012766)
    26
    Open House
    4 beds,  3 full baths
    2,019 sqft   lot 1,514 sqft
    Walk Score® 55
    MLS 217012766
  16. Photo of 13096 EAST CLOVERDALE STREET, Moorpark, CA 93021 (MLS # SR17232439)
    36
    4 beds,  2 full, 1 half baths
    2,123 sqft   lot 7,246 sqft
    Walk Score® 25
    MLS SR17232439
  17. 3 beds,  1 full bath
    1,568 sqft   lot 9,926 sqft
    Walk Score® 72
    MLS SR17236803
  18. Photo of 11603 EAST BUTTERCREEK ROAD, Moorpark, CA 93021 (MLS # SR17230440)
    27
    Open House
    4 beds,  2 full, 1 half baths
    2,533 sqft   lot 7,035 sqft
    Walk Score® 29
    MLS SR17230440
  19. Photo of 13934 EATON HOLLOW AVENUE, Moorpark, CA 93021 (MLS # 217012090)
    39
    5 beds,  4 full baths
    3,211 sqft   lot 7,788 sqft
    Walk Score® 2
    MLS 217012090
  20. Photo of 151 MAJESTIC COURT, Unit 602, Moorpark, CA 93021 (MLS # SR17226582)
    21
    3 beds,  2 full baths
    1,196 sqft   lot 1,157 sqft
    Walk Score® 67
    MLS SR17226582
  21. Photo of 11891 MAPLE CREST STREET, Moorpark, CA 93021 (MLS # 217011917)
    30
    Open House
    5 beds,  4 full, 1 half baths
    3,603 sqft   lot 7,597 sqft
    Walk Score® 59
    MLS 217011917
  22. Photo of 7092 BANEBERRY AVENUE, Moorpark, CA 93021 (MLS # 217011844)
    29
    Open House
    4 beds,  2 full, 1 half baths
    2,402 sqft   lot 3,778 sqft
    Walk Score® 1
    MLS 217011844
  23. Photo of 20 FREMONT AVENUE, Moorpark, CA 93021 (MLS # 217011788)
    14
    3 beds,  1 full bath
    1,189 sqft   lot 10,800 sqft
    Walk Score® 67
    MLS 217011788
  24. Photo of 12656 COUNTRY MEADOW STREET, Moorpark, CA 93021 (MLS # SR17220934)
    39
    Open House
    4 beds,  3 full baths
    2,216 sqft   lot 6,954 sqft
    Walk Score® 30
    MLS SR17220934
  25. Photo of 15166 CAMPUS PARK DRIVE, Unit E, Moorpark, CA 93021 (MLS # 217011767)
    23
    3 beds,  1 full, 1 half baths
    1,514 sqft   lot 1,742 sqft
    Walk Score® 29
    MLS 217011767
  26. Photo of 6743 TREVINO DRIVE, Moorpark, CA 93021 (MLS # 217012190)
    55
    Open House
    5 beds,  6 full, 1 half baths
    6,139 sqft   lot 21,335 sqft
    Walk Score® 0
    MLS 217012190
  27. Photo of 4430 SUMMERGLEN COURT, Moorpark, CA 93021 (MLS # 217011689)
    27
    Price Drop
    Open House
    3 beds,  2 full, 1 half baths
    1,803 sqft   lot 4,390 sqft
    Walk Score® 56
    MLS 217011689
  28. Photo of 14204 ONEIDA COURT, Moorpark, CA 93021 (MLS # SR17215238)
    21
    5 beds,  4 full, 1 half baths
    4,956 sqft   lot 12,396 sqft
    Walk Score® 24
    MLS SR17215238
  29. Photo of 13820 DONNYBROOK LANE, Moorpark, CA 93021 (MLS # 217011602)
    30
    Price Drop
    4 beds,  3 full baths
    2,826 sqft   lot 10,981 sqft
    Walk Score® 25
    MLS 217011602
  30. Photo of 13693 PINNACLE WAY, Moorpark, CA 93021 (MLS # 217011352)
    32
    Open House
    4 beds,  3 full baths
    2,672 sqft   lot 5,476 sqft
    Walk Score® 3
    MLS 217011352
Previous Page 1 of 3 Next

The information being provided by CARETS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS, i-Tech MLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Any property information referenced on this web site comes from the Internet Data Exchange (IDX) program of CARETS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. The accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

 
 
  • Contact Me

  • Latest Real Estate