Mortgage Applications Drop, Rates Stay Low

Source:  REALTOR®Mag

Applications for mortgages to purchase homes declined 5.7 percent last week compared to the previous week on an adjusted basis that takes into account Memorial Day, according to the Mortgage Bankers Association weekly survey.

On an unadjusted basis, the purchase index decreased 16.3 percent compared with the previous week and was down 30.4 percent from Memorial Day week last year. This is the fifth straight week mortgage applications have declined.

“Purchase applications are now 35 percent below their level of four weeks ago, as home buyers have not yet returned to the market following the expiration of the home buyer tax credit at the end of April,” says Michael Fratantoni, MBA’s vice president of research and economics.

Mortgage rates continue to be historically low:

• 30-year fixed-rate mortgages decreased to 4.81 percent from 4.83 percent;
• 15-year fixed-rate mortgages increased to 4.26 percent from 4.24 percent;
• 1-year ARMs decreased to 6.94 percent from 6.96 percent.

Source: Mortgage Bankers Association (06/09/2010)

Copyright National Association of REALTORS®. Reprinted with permission

New Treatment for Melanoma

Having lost a dear friend many years ago and a 34-year-old cousin just two years ago to melanoma, it's a subject that's close to my heart. Living in the desert, of course, makes it a constant concern. In our house, SFP 50 is the sunscreen of choice... and I nag my children (who grew up under the Arizona sun) and my husband to make annual visits to a dermatologist for a head-to-toe body check. When I was teaching, I taught my young students about sun safety and brought the SunWise Program (http://www.epa.gov/sunwise/kids/index.html) into our school.   
My old friend, Dr. Howard Young, who does cancer research at the National Cancer Institute recently wrote on Facebook that cancer is actually many diseases, not one, and said that rather than finding a single cure, the hope is to find a treatment that will allow people to live with and manage their condition with a good quality of life. That being said, it was with great excitement that I heard the news of a new treatment for melanoma on the news on Monday monring.  The drug has not yet received FDA approval, but is being offered on a compassionate basis to people with advanced melanoma.  This new drug also provides hope for other forms of cancer.  In this time of seemingly endless bad news, how wonderful to hear something so positive!! Below is a link to the NBC report about the new drug.  I have also included a link to a great organization called the SHADE FOUNDATION (http://www.shadefoundation.org/), founded by former baseball player Curt Schilling and his wife, Shonda, which is dedicated to melanoma education. I encourage everyone to learn more about skin cancer prevention and hope that today's news will brighten everyone's day.

NBC Report