There are 345 condos for resale on Singer Island; 12 condos are currently pending. Only one condo sold within the past 7 days for 80% of list price, being on the market for 85 days.
Rates for the 30-yr. fixed mortgage remained below the 5% benchmark edging up slightly from 4.96 percent to 4.99 percent. This time last year the 30-year average was 4.85 percent. The average 15-year fixed mortgage rate also increased slightly to 4.34 percent from 4.33 percent the previous week.
Rates have been kept down by the Fed’s $1.25 trillion program to buy up mortgage-backed securities issued by Freddie Mac and sibling company Fannie Mae. The Fed’s program is set to end March 31. Some analysts fear that mortgage rates could rise once the program ends, weakening the fragile recovery in housing and the overall economy.
As the federal program ends and unemployment eases, three fourth (75%) of the industry experts polled by Bankrate.com expect rates will increase over the next 30 to 45 days; where only 6 percent forsee a decrease in rates and the remaining 19 percent expect little to no change.