There are 337 condos for resale on Singer Island; 16 condos are currently pending. No condos sold within the past 7 days.
Rates for the 30-yr. fixed mortgage remain above the 5% benchmark surging from 5.08 percent to 5.21 percent; the cause – the improving economy and the end of a government push to keep rates low. This is the highest since mid-August when the average rate was 5.29 percent. This time last year the 30-year average was 4.87 percent. The average 15-year fixed mortgage rate also increased to 4.52 percent from 4.39 percent the previous week.
“Once again, mortgage rates followed bond yields higher amid a positive March employment report,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The economy added 162,000 jobs, which was the largest monthly gain over the past three years. In addition, revisions raised the January and February figures by a combined 61,000 workers. Excluding government employees, private payrolls rose for the third consecutive month and were the strongest increase since May 2007.
“Following its extension in early November of last year, the homebuyer tax credit is showing some impact on housing market activity, mostly through the use of government-insured mortgages, which tend to be a favorite among first-time homebuyers. Compared to the week ending December 4, 2009, which was the first week after the original expiration date, mortgage applications for home purchases are up 17 percent for the first week in April of this year for government-insured loans, compared to an 11 percent decline in conventional loans, according to the Mortgage Bankers Association. Also, pending existing home sales jumped 8.2 percent in February, well above the market consensus and represented the second largest increase since records began in 2001, the National Association of Realtors® reported. Homebuyers must enter a housing contract by April 30th and close by June 30th in order to receive the tax credit.”
The mortgage industry experts are fairly evenly divided as to which direction rates will go in the next 30 to 45 days according to Bankrate.com. Thirty-eight percent predict further increase, 31% expect no change while the remaining 31 % forsee a decline.