SInger Island, Florida – Weekly Condo Market Update: 06/10/2011

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Via Delfino - Singer Island

There are 274 condos for resale on Singer Island; 10 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 eighth straight weekly decline ending at 4.49 percent from 4.55% the week before. It hit a 40-year low 0f 4.17% last November.

The average 15-year fixed mortgage rate fell to 3.68% from 3.74% last week, the lowest point since last December.  Last year at this time, the 30-year fixed-rate mortgage averaged 4.72 percent.

Frank Nothaft, vice president and chief economist, Freddie Mac stated “Long-term Treasury yields moved lower following a weak jobs report and mortgage rates followed suit. The economy added 54,000 jobs in May, the fewest in eight months, and factories cut payrolls for the first time in seven months. As a result, the unemployment rate rose to 9.1 percent, representing the highest rate since December”.  The housing market continues to be fragile across the nation as a result.

Additionally, most people cannot take advantage of the low mortgage rates because they are not able meet tougher lending requirements. And many who could afford to refinance likely did so last year, when rates fell to their lowest levels in decades.

Sixty-two percent of mortgage industry experts polled by Bankrate.com expect the rates to remain relatively unchanged in the next 30 to 45 days; while the remaining are equally split with 19% percent predicting rates will increase and 19% 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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