There are 318 condos for resale on Singer Island; 15 condos are currently pending. Two condo sold within the past 7 days at 64% and 80% of their respective list price after being on the market for 1059 and 659 days, respectively.
Rates for the 30-yr. fixed mortgage remained below the 5% benchmark going from 4.78 percent to 4.79%. This time last year the 30-year average was 5.29 percent. The average 15-year fixed mortgage rate fell slightly from 4.21 percent last week to 4.20 percent.
Since the Federal Reserve program that reduced borrowing costs for consumers ended in March, rates have continued to fall. This action is due to investors, wary of European turmoil, shifting money into the safety of U.S. Treasury bonds. Mortgage rates tend to track interest rates paid on long-term Treasury bonds.
The majority (62 percent) of mortgage industry experts polled by Bankrate.com expect the rates to remain relatively unchanged in the next 30 to 45 days; 38 percent predict an increase while no one expects rates to fall.
For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected]