Weekly Market Update – 01/23/09: Condos for Sale on Singer Island, Florida

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There are 359 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 rose for the first time in five weeks with the average rate for 30-yr fixed mortgages averaging 5.12%, up from the previous record low of 4.96% last week; and the 15-yr fixed mortgage rate rose slightly to 4.80%, compared to 4.65% last week.

The first three weeks of 2009 have seen a flurry of mortgage refinancing activity with refinancing applications totaling about 86% of all conventional loans.  Freddie Mac and Fannie Mae own or guarantee about half of the $11.5 trillion in U.S. outstanding home loan debit.  The government seized control of the companies last September.

This week the mortgage experts polled by Bankrate.com are evenly divided when it comes to movement in the mortgage rates over the next 35 to 45 days.  Thirty-one percent believe rates will go up, 31% believe rates will go down, and 38% do not expect any change.

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

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