Shops, restaurants proposed at Elden Street/Herndon Parkway site

A new strip of shops and restaurants has been proposed behind the Chevy Chase Bank at the westernmost intersection of Elden Street and Herndon Parkway.

The proposal, which the Herndon Town Council viewed at its work session Tuesday, reduces the size of the building from what was previously approved.

If approved, the new application would allow a one-story, 14,000-square-foot building with up to 10,000 square feet of that space used for restaurants. Drawings of the proposed center show an outdoor patio seating area and imagine uses like a coffee shop, cafe and deli mixed in with small shops such as a video rental or arts supply store.

Most council members had no comment on the proposal. The council will vote on it next week.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.