Real Estate in
Ojai California
Market Details

Below you will find details about such information as cost per square foot, taxes....

In the month of August, 31 homes have been sold in the Ojai Valley. These are Single Family Residential homes. It does not include Mobile or Manufactured Homes.

The least expensive home was sold in Oak View,  at 246 Bundren Street, one bed, one bath, 1000 square feet, with a lot size of 7560 square feet. Listed at $241,500, sold at $241,500.

The most expensive home was sold at 1887 East Ojai Avenue, six bed, six ½ bath, 6304 square feet, with a lot size of 40 acre.  Listed at $4,800,000, sold at 4,300,000.

Median price for the month of August was $665,000.

Days on the market  was 78

Meanwhile the Fed decided not to increase the rates

For mortgage rates, this was good news, and they ended the week lower.

Before the Fed announcement, investors were split about whether the Fed would raise the federal funds rate for the first time in nine years. Mortgage rates climbed a little higher in anticipation of what the Fed would say. After the statement was released, however, mortgage rates improved significantly.

In explaining the decision not to hike rates, the Fed’s statement cited concerns about weaker global economic growth. Fed Chair Yellen explained that Fed officials want to take more time to evaluate the impact of global economic conditions on the U.S. She noted that global economic forces likely will “put further downward pressure” on U.S. inflation.

Why did mortgage rates improve following the comments from the Fed? One reason is that Fed officials lowered their forecasts for inflation for the next several years. Mortgage rates fell because expected future inflation levels are a key component in setting rates. The latest outlook from the Fed made investors willing to accept lower rates.

Investors also accepted lower rates because recent inflation readings have supported the Fed’s outlook. The recently released consumer price index data (CPI) revealed that core CPI inflation, which excludes volatile food and energy prices, was again just 1.8% higher than a year ago. Inflation has held steady at low levels all year.

Here are the interest rates provided by Wells Fargo, September 21, 2015

Product Interest Rate APR Conforming and FHA Loans 30-Year Fixed Rate 4.125% 4.150% 30-Year Fixed-Rate FHA 3.875% 4.900% 15-Year Fixed Rate 3.250% 3.356% 7/1 ARM 3.250% 3.221% 5/1 ARM FHA 3.500% 3.704% Larger Loan Amounts in Eligible Areas – Conforming and FHA. 30-Year Fixed Rate 4.125% 4.125% 30-Year Fixed-Rate FHA 3.750% 4.746% 7/1 ARM 3.625% 3.367% Jumbo Loans– Amounts that exceed conforming loan limits 30-Year Fixed-Rate Jumbo 3.750% 3.756% 7/1 ARM Jumbo 3.125% 3.131%