Rates and Applications are Down but Troops are Not

Freddie Mac reported in their Weekly Primary Mortgage Survey for week ending May 11th that the rates on 30-year mortgages were down slightly, the first decline after six straight increases. The rates on 30-year fixed-rate mortgages averaged 6.58 percent, down from 6.59 percent the previous week, which had been the highest level in nearly four years.

Although a week behind Freddie Mac the Mortgage Bankers Association released their report on applications for the week ending May 5. Their index, which measures loan application volume, was down 5.8 percent from the previous week. The refinance share of mortgage activity decreased to 33.8 percent of total applications from 35.2 percent the previous week, which is the lowest share since June 25, 2004.

As some of you know, my husband’s son, Mark Jalone is serving with the US Army in Iraq. This is his third tour over there and still has about six months to go before returning home. Regardless of how we feel about having US troops in Iraq today, we whole heartedly support our men and women who are part of “Iraqi Freedom.” Armed Forces day is May 20th and the Army & Air Force Exchange Service is making it easy for anyone to honor America's troops with "Gifts from the Homefront" gift certificates. If you want to send one, log on to aafes.org or call (877) 770-4438. The Gift from the Homefront may be distributed to "any service member” or sent to a specific service member.