Weekly Market Update – 01/16/09: Condos for Sale on Singer Island, Florida

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There are 355 condos for resale on Singer Island; one condo sold in the last 7 days and 15 are currently pending.  For the sale, “days on market” was 122. The sale price was 96% of list price.

Mortgage rates for 30-yr fixed rates have dropped to a new record level for the 5th straight week with the average rate for 30-yr fixed mortgages dropping to 4.96%, down from this year’s previous low of 5.01% last week; and the 15-yr fixed mortgage rate rose slightly to 4.65%, compared to 4.62% last week.

The 30-yr fixed rate continues to set new lows since the Federal Reserve said it was going to pump money into the banking system by buying $500 billion in mortgage-backed securities to get banks to lend more money.

This week, 46 percent of the mortgage experts polled by Bankrate.com believe mortgage rates are close to the bottom and should remain there for the next 35 to 45 days, while 31 percent foresee further rate decline and 23 percent expect rates to go higher.

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