There are 334 condos for resale on Singer Island; 16 condos are currently pending. One condo sold within the past 7 days at 82% of the respective list price after being on the market for 154 days.
Rates for the 30-yr. fixed mortgage remain the same as last week, above the 5% benchmark at 5.07 percent. This time last year the 30-year average was 4.80 percent. The average 15-year fixed mortgage rate decreased slightly to 4.39 percent from 4.40 percent the previous week.
“Mortgage rates on fixed-loans were relatively unchanged this week while ARM rates were mixed,” said Frank Nothaft, Freddie Mac vice president and chief economist. “These low mortgage rates are revitalizing the home construction industry. Three of the four regions (exclude the Midwest) rose to their strongest pace since the second half of 2008.
The mortgage industry experts are fairly evenly divided as to whether rates will rise or hold steady in the next 30 to 45 days according to Bankrate.com. Forty-seven percent predict further increase, 41% expect no change while the remaining 12 % forsee a decline.