Weekly Market Report – 01/09/09: Condos for Sale on Singer Island, Florida

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There are 348 condos for resale on Singer Island; no condos sold in the last 7 days and 16 are currently pending.

Mortgage rates for 30-yr fixed rates have dropped to a new record level for the 4th straight week with the average rate for 30-yr fixed mortgages dropping to 5.01%, down from this year’s previous low of 5.10% last week; and the 15-yr fixed mortgage rate averaged 4.62%, compared to 4.83% last week.

The 30-yr fixed rate is nearly a full point below the rate of 5.87 percentage points at the same time last year.

This week, 42 percent of the mortgage experts polled by Bankrate.com believe mortgage rates will fall over the next 35 to 45 days, while 33 percent foresee a rate increase and 25 percent expect no change.

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