Singer Island Florida – Weekly Market Update 06/18/10 – Condos for Sale

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2700 North Ocean
2700 North Ocean – Ultra-Luxury

There are 316 condos for resale on Singer Island; 18 condos are currently pending. No condos sold within the past 7 days.

Singer Island Active Listings-061810

Rates for the 30-yr. fixed mortgage remained below the 5% benchmark rising slightly from 4.72 percent to 4.75%. This time last year the 30-year average was 5.38 percent. The average 15-year fixed mortgage rate rose slightly from 4.17 percent last week to 4.20 percent.

Low mortgage rates could help buoy housing demand after the expiration of federal tax credits. First-time buyers could get a credit of up to $8,000, while current owners who bought and moved into another home could qualify for a credit of up to $6,500. Buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.

Home sales started to lag after the credits’ deadline. But a recent report offered a sign that buyers are finally taking advantage of low rates. The number of customers applying for refinance and purchase mortgages climbed 18 percent last week after falling sharply the month before, the Mortgage Bankers Association said Wednesday.

The majority (65 percent) of mortgage industry experts polled by Bankrate.com expect the rates to remain relatively unchanged in the next 30 to 45 days; 35 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]

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