Singert Island Florida – Weekly Market Update 01/29/10 – Condos for Sale

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Singer Island, Florida

There are 328 condos for resale on Singer Island; 12 condos are currently pending. No condos sold within the past 7 days.

Rates for the 30-yr. fixed mortgage dropped slightly from 4.99 percent to 4.98 percent, remaining below the 5 percent benchmark. This time last year the 30-year average was 5.10 percent. The average 15-year fixed mortgage rate fell as well to 4.39 percent from 4.40 percent the previous week.

According to Freddie Mac, low interest rates tend to lure borrowers to refinance. In last year’s fourth quarter, 33 percent of borrowers who refinanced their mortgage chose to lower their principal balance rather that extract cash from their home equity, the highest share since Freddie Mac started tracking refinance transactions in 1985.

In turn, only about $11 billion in home equity was cashed out by homeowners who refinanced their conventional prime mortgage, the smallest quarterly amount in nine years, Freddie Mac said.

Half (50%) of the morgage experts polled by Bankrate.com expect an increase in rates over the next 30 to 45 days, while a 29 percent foresee no chnage and the remaining 21 percent expect a decline.

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

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