Weekly Market Update-12/05/08: Condo Sales on Singer Island, Florida

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There are 345 condos for resale on Singer Island; no condos have sold in the last 7 days and 15 are currently pending.

Mortgage rates for 30-yr fixed rates plungrd this week to the lowest levels since January due to the governments efforts to shore up the mortgage markets.  The average rate for 30-yr fixed mortgages dropped to 5.53%, down from 5.97% last week; and the 15-yr fixed mortgage rate averaged 5.33%, compared to 5.74% last week.

The government is continplating an industry-backed plan to lower the 30-yr. fixed mortgage rate to 4.5% by buying mortgage-backed securities issued by Fannie Mae and Feddie Mac.

The majority of mortgage experts polled by Bankrate.com this week expect the mortgage rates to fall over the next 30 to 45 days; while 7 percent predict an increase in mortgage rates, a third of the mortgage experts believe rates will remain unchanged. 

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