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

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There are 350 condos for resale on Singer Island; no condos have sold in the last 7 days and 17 are currently pending.

Mortgage rates for 30-yr fixed rates have dropped to their lowest levels in 4 years (March 25, 2004 at 5.4%) with the average rate for 30-yr fixed mortgages dropping to 5.47%, down from 5.53% last week; and the 15-yr fixed mortgage rate averaged 5.20%, compared to 5.33% last week.  The bleak unemployment report, which showed the largest monthly decline in jobs since December 1974, seems to be the primary reason for this rate drop.

Even with the average 30-yr fixed rate at 5.47%, there are several lenders going lower to rates such as 5.33% and ever 5.09%.

More than half (56 percent) mortgage experts polled by Bankrate.com this week expect the mortgage rates to fall over the next 30 to 45 days; while only 6 percent predict an increase in mortgage rates, better than a third (38 percent) of the mortgage experts believe rates will remain unchanged.

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