Singer Island, Florida – Weekly Market Update 04/02/10 – Condos for Sale

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Martinique II Singer Island

Martinique II – Live the Year Round Vacation

There are 340 condos for resale on Singer Island; 13 condos are currently pending. There were three condos sold within the past 7 days for an average 75% of list price, being on the market for an average of 370 days.

Rates for the 30-yr. fixed mortgage rose above the 5% benchmark edging up from 4.99 percent to 5.08 percent. This time last year the 30-year average was 4.78 percent. The average 15-year fixed mortgage rate also increased slightly to 4.39 percent from 4.34 percent the previous week.

Interest rates for fixed mortgages rose this week following a run up in long-term bond yields, while ARM rates eased slightly,” said Frank Nothaft, Freddie Mac vice president and chief economist.  “Rates on 30-year fixed loans were the highest since the starting week of this year.

With the end of Freddie Mac’s program to buy up mortgage-backed securities, interest rates are on the rise; sixty-nine percent of the industry experts polled by expect rates will increase over the next 30 to 45 days; where only 6 percent forsee a decrease in rates and the remaining 25 percent expect little to no change.

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











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