Singer Island, Florida – Weekly Condo Market Update 05/20/2011

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Beach Front at Singer Island

There are 287 condos for resale on Singer Island; 13 condos are currently pending. No condos sold within the past 7 days.

Rates for the 30-yr. fixed mortgage remain at the lowest level of the year, the fifth straight weekly decline ending at 4.61 percent from 4.63% the week before. It hit a 40-year low 0f 4.17% last November.

The average 15-year fixed mortgage rate fell to 3.80% from 3.82% last week, the lowest point since last December.

Last year at this time, the 30-year fixed-rate mortgage averaged 4.84 percent.

Low rates haven’t been enough to jumpstart the weak housing market. Fewer people bought previously occupied homes in April, the National Association of Realtors said Thursday. Sales fell to a seasonally adjusted annual rate of 5.05 million units, far below the 6 million homes a year that economists consider a healthy market.

However, the number of borrowers looking to refinance is now at the highest level since the second week of December, according to the Mortgage Bankers Association. Refinance activity has increased 33 percent over the last five weeks, mirroring the steady decline in rates

Forty-four percent of mortgage industry experts polled by Bankrate.com expect the rates to remain relatively unchanged in the next 30 to 45 days; while 37% percent predict rates will increase, with the remaining 17% thinking rates will decline.

For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected].

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