Weekly Market Report – 12/19/08: Condo Sales on Singer Island

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There are 350 condos for resale on Singer Island; 2 condos have sold in the last 7 days and 17 are currently pending.  For the two sales, “days on market” were 333 and 323 days, respectively.  The sale prices were 82% and 83% of list prices.

Mortgage rates for 30-yr fixed rates have dropped to their lowest levels in at least 37 years with the average rate for 30-yr fixed mortgages dropping to 5.19%, down from this year’s previous low of 5.47% last week; and the 15-yr fixed mortgage rate averaged 4.92%, compared to 5.20% last week. Mortgage brokers are reporting a surge of calls from borrowers trying to take advantage of the decreasing rates.  This week some mortgage brokers were quoting interest rates of close to 4.5 percent for people with strong credit and a hefty down payment.

More than two-thirds of the  (69 percent) mortgage experts polled by Bankrate.com this week expect further mortgage rate decline; while only 23 percent foresee an increase in mortgage rates over the next 30 to 45 days, and 6 percent of the mortgage experts believe rates will remain unchanged.

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