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Dave & Pat Zumbrun

(805) 340-9338

Pat Zumbrun
Broker/Owner-SFR
Email Pat at patz4re@aol.com  
Cell: (805) 340-9338
BRE #01229401


Dave Zumbrun
Broker/Owner-SFR
Email Dave  at zman4re@aol.com
Cell: (805) 340-9339
BRE #01227683

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Interest Rates

Current Ventura Interest Rates

Interest rates are increasing slightly, but that doesn't mean you should put your dream Ventura home search on hold.Interest rates have remained historically low for several months now.  However, current Ventura interest rates have begun to inch upwards.  This doesn’t mean that they have returned to the 8 1/2-9% range we saw at the new millennium.  Instead, they have started to increase ever so slightly over the past several weeks and seem poised to continue to do so…at least for a while.

Ventura Interest Rates as of 6/19/13

Search the MLS for Ventura County homes for saleAccording to Bankrate.com, as of the writing of this post, the 30 year fixed-rate mortgage (FRM) interest rate is 4.12% while the 15 year FRM is set at 3.3% and the 5/1 adjustable rate mortgage (ARM) is 2.99%.  These current Ventura interest rates are at their second highest level over the last three months.  Real estate experts are expecting home prices to continue to increase throughout 2013 due to an increase in demand and decrease in foreclosure inventory.  If you’re interested in purchasing a Ventura home, you should start the ball rolling now.

Once you find your dream Ventura home, you may want to rethink going the traditional 30 year ARM route.  Many people have turned to the 30 year FRM over the past decade because the lower interest rates have made it a much more affordable option.  It also takes the “surprise” out of your monthly mortgage payment by keeping it consistent throughout the life of the loan.  Better yet, pay a little more every month and go for the 15 year FRM option.  You pay thousands of dollars less in interest over the life of the loan and you pay it off in half the time.

For example, let’s say you purchase the beautiful East Ventura home featured below.  You put 10% down ($57,500), leaving a balance of $517,500 that you will finance.  You qualify for the current Ventura interest rates listed above.  Your 30 year FRM will give you a monthly payment of $2507 while your monthly payment with a 15 year FRM will be $3649.  In the first five years alone, you will have paid almost $28,000 more in interest on the 30 year loan than you will with the 15 year.  Over the life of the loan, you will end up paying $245,559 more just in interest with a 30 year FRM than you would with a 15 year FRM…and you would take twice as long to do so!

Current Ventura interest rates may have increased over the past few weeks…but that shouldn’t deter you from buying your dream Ventura home.  There are plenty of beauties available in the Ventura County area.  Let us be your guideGive us a call when you’re ready to start looking!

For more information on this and other Ventura County homes for sale, please use our Ventura County MLS Search.

Dave and Pat Zumbrun, Your Ventura County real estate specialists

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