Tina Hare
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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


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  1. Photo of 4030 Brindisi Place, Moorpark, CA 93021 (MLS # 217001785)
    19
    2 beds,  2 full baths
    1,042 sqft   lot 950 sqft
    Walk Score® 66
    MLS 217001785
  2. Photo of 13190 Westcott Court, Moorpark, CA 93021 (MLS # 217001661)
    30
    3 beds,  2 full, 1 half baths
    1,792 sqft   lot 2,928 sqft
    Walk Score® 74
    MLS 217001661
  3. Photo of 14445 East Purdue Street, Moorpark, CA 93021 (MLS # 217001660)
    7
    4 beds,  2 full baths
    1,431 sqft   lot 6,868 sqft
    Walk Score® 20
    MLS 217001660
  4. Photo of 14367 Laurel Lane, Moorpark, CA 93021 (MLS # 217001652)
    37
    4 beds,  2 full, 1 three-quarter baths
    2,551 sqft   lot 5,407 sqft
    Walk Score® 15
    MLS 217001652
  5. Photo of 15685 Harte Lane, Moorpark, CA 93021 (MLS # 217001623)
    29
    Open House
    5 beds,  2 full, 1 three-quarter baths
    2,766 sqft   lot 9,103 sqft
    Walk Score® 11
    MLS 217001623
  6. Photo of 7367 Nicklaus Road, Moorpark, CA 93021 (MLS # 217001617)
    42
    4 beds,  4 full, 1 half baths
    4,358 sqft   lot 17,721 sqft
    Walk Score® 0
    MLS 217001617
  7. Photo of 13638 Bear Valley Road, Moorpark, CA 93021 (MLS # 217001614)
    18
    3 beds,  2 full baths
    1,595 sqft   lot 7,441 sqft
    Walk Score® 17
    MLS 217001614
  8. Photo of 4366 Amberwick Lane, Moorpark, CA 93021 (MLS # SR17031020)
    21
    Open House
    2 beds,  1 full bath
    780 sqft   lot 4,035 sqft
    Walk Score® 20
    MLS SR17031020
  9. Photo of 13755 Hightop Street, Moorpark, CA 93021 (MLS # 217001593)
    71
    4 beds,  4 full, 1 half baths
    4,010 sqft   lot 32,889 sqft
    Walk Score® 0
    MLS 217001593
  10. Photo of 14860 Reedley Street, Unit C, Moorpark, CA 93021 (MLS # 217001565)
    33
    Open House
    3 beds,  3 full baths
    1,562 sqft   lot 2,160 sqft
    Walk Score® 25
    MLS 217001565
  11. Photo of 6530 Melray Street, Moorpark, CA 93021 (MLS # 217001562)
    40
    3 beds,  2 full, 1 half baths
    2,200 sqft   lot 4,474 sqft
    Walk Score® 23
    MLS 217001562
  12. Photo of 4643 Big Trail Circle, Moorpark, CA 93021 (MLS # 217001556)
    13
    5 beds,  5 full baths
    3,307 sqft   lot 10,129 sqft
    Walk Score® 43
    MLS 217001556
  13. Photo of 13195 Torridon Court, Unit 35, Moorpark, CA 93021 (MLS # SR17027996)
    28
    4 beds,  2 full, 1 half baths
    1,863 sqft   lot 3,085 sqft
    Walk Score® 68
    MLS SR17027996
  14. Photo of 4380 Clearwood Road, Moorpark, CA 93021 (MLS # 217001473)
    31
    4 beds,  3 full, 1 half baths
    4,356 sqft   lot 6,480 sqft
    Walk Score® 55
    MLS 217001473
  15. Photo of 13464 Christian Barrett Drive, Moorpark, CA 93021 (MLS # SR17027533)
    31
    Open House
    4 beds,  3 full baths
    2,060 sqft   lot 6,825 sqft
    Walk Score® 25
    MLS SR17027533
  16. Photo of 6870 Ivy Creek Way, Moorpark, CA 93021 (MLS # 217001467)
    30
    3 beds,  2 full baths
    1,189 sqft   lot 1,008 sqft
    Walk Score® 2
    MLS 217001467
  17. Photo of 3921 Hatfield Court, Moorpark, CA 93021 (MLS # 217001439)
    22
    5 beds,  3 full baths
    2,760 sqft   lot 13,245 sqft
    Walk Score® 26
    MLS 217001439
  18. Photo of 4160 Misty Hollow Court, Moorpark, CA 93021 (MLS # 217001419)
    49
    4 beds,  2 full, 1 half baths
    3,026 sqft   lot 9,153 sqft
    Walk Score® 53
    MLS 217001419
  19. Photo of 15351 Braun Court, Moorpark, CA 93021 (MLS # SR17027189)
    32
    4 beds,  2 full, 1 half baths
    1,775 sqft   lot 8,916 sqft
    Walk Score® 16
    MLS SR17027189
  20. Photo of 4543 Bluewood Court, Moorpark, CA 93021 (MLS # 217001408)
    27
    Open House
    4 beds,  4 full baths
    3,111 sqft   lot 8,517 sqft
    Walk Score® 27
    MLS 217001408
  21. Photo of 4491 Daisy Court, Moorpark, CA 93021 (MLS # 217001311)
    35
    3 beds,  3 full baths
    2,612 sqft   lot 8,911 sqft
    Walk Score® 19
    MLS 217001311
  22. Photo of 4265 Laurelhurst Road, Moorpark, CA 93021 (MLS # 217001372)
    47
    3 beds,  2 full, 1 three-quarter baths
    2,075 sqft   lot 34,412 sqft
    Walk Score® 13
    MLS 217001372
  23. Photo of 151 Majestic Court, Unit 704, Moorpark, CA 93021 (MLS # 217001223)
    9
    Price Drop
    2 beds,  2 full baths
    960 sqft   lot 829 sqft
    Walk Score® 68
    MLS 217001223
  24. Photo of 7025 Crozet Avenue, Moorpark, CA 93021 (MLS # 217001190)
    40
    4 beds,  3 full baths
    2,385 sqft   lot 3,941 sqft
    Walk Score® 1
    MLS 217001190
  25. Photo of 4274 Peach Slope Road, Moorpark, CA 93021 (MLS # 317000841)
    24
    Open House
    4 beds,  2 full baths
    2,242 sqft   lot 6,900 sqft
    Walk Score® 26
    MLS 317000841
  26. Photo of 3941 Quailwood Street, Moorpark, CA 93021 (MLS # 217001137)
    80
    Price Drop
    5 beds,  4 full, 1 half baths
    3,786 sqft   lot 11,561 sqft
    Walk Score® 49
    MLS 217001137
  27. Photo of 13719 Donnybrook Lane, Moorpark, CA 93021 (MLS # 217001136)
    26
    5 beds,  3 full baths
    2,760 sqft   lot 10,103 sqft
    Walk Score® 22
    MLS 217001136
  28. Photo of 6417 Rand Street, Moorpark, CA 93021 (MLS # SR17021006)
    6
    4 beds,  1 full, 1 three-quarter baths
    1,431 sqft   lot 6,561 sqft
    Walk Score® 25
    MLS SR17021006
  29. 3 beds,  2 full baths
    1,339 sqft   lot 10,001 sqft
    Walk Score® 1
    MLS 217001096
  30. Photo of 11943 Alderbrook Street, Moorpark, CA 93021 (MLS # 217001092)
    15
    4 beds,  2 full, 1 half baths
    2,284 sqft   lot 4,762 sqft
    Walk Score® 53
    MLS 217001092
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