Current market rates
The average 30-year fixed rate mortgage (FRM) rate remained roughly level in the week ending May 22, 2020, now at 3.24%. The 15-year FRM rate also remained about the same, at 2.70%. FRM rates have descended to historic lows due to efforts to stimulate lending during today’s unstable economic times. Beginning in March, the Federal Reserve (the Fed) dropped their benchmark interest rate to zero and began purchasing mortgage-backed securities, fulfilling their role as the lender of last resort to ensure mortgage originations continue. As a result, interest rates will remain near today’s record-low levels for the next several months.
Ralene Nelson, REALTOR®
FOR SALE – 2131 Saint Andrews Dr, Rio Vista 2bd/2-1/2bths 2337sf
Islander model on the 16th fairway, located in the Active Adult Community, Trilogy at Rio Vista. New interior paint, carpet and new tile in the master bath, just bring your furniture to this gorgeous home and watch the beautiful sunsets. Gorgeous kitchen for the gourmet cook, gas cooktop, 2 built-in ovens & trash compactor. Cherry cabinets & granite slab counters, the island provides space for bar stools. Nook in kitchen overlooks the 16th fairway & patio. Great room w/fireplace & upgraded mantle & slider to patio. Formal dining room & den with built-in desk/bookshelves.
FOR SALE – 14310 State Hwy 160 Road Ryde, CA 4bd/2.5bth/3,494sf, 6.2ac
Located on the Sacramento River, this premier Equestrian retreat has it all, updated Victorian 3 story home built in 1900. Private boat dock, 2 swimming pools, spa, equestrian riding arena with barn, 4 stalls, grazing area, & fruit trees (pears, walnut, plums & apple) Top floor has 3 bedrooms and bath, 2nd floor is living room, dining room, den, kitchen & nook. Lower floor has entertainment area, bedroom & laundry.
All New Free Online Events this Week:
Space Launch, Sesame Street Town Hall,
& New JK Rowling
Don’t Miss these Science Events this Week!
May 30, NASA & SpaceX website
SpaceX launches its Crew Dragon capsule, carrying NASA astronauts Doug Hurley and Bob Behnken to the International Space Station. The Demo-2 test flight marks the first time in nearly a decade that a crewed journey into space is lifting off from a launchpad in the US. READ MORE
May 27, Facebook & YouTube
We’re going back to space! The SpaceX Crew Dragon spacecraft is launching from NASA’s Kennedy Space Center on May 27, and the American Museum of Natural History is celebrating with a free online festival. READ MORE
Most days, Zoom
The National Museum of Natural History wants to make sure that kids’ screen time is smart science time, by streaming free, live video webinars with Smithsonian experts who answer questions from viewers. READ MORE
Elmo does a Town Hall! Photo: CNN.com
Free Celebrity Events this Week
May 31, Kennedy Center website
We need Mo Yo-Yo! Grammy Award winner and Kennedy Center Honors recipient Yo-Yo Ma teams up with best-selling author and illustrator Mo Willems for an evening of musical doodling. READ MORE
New chapters daily, Ickabog website
JK Rowling releases her previously unpublished children’s book The Ickabog. The book was written as a read-aloud to her children, and until recently relegated to attic storage. She has decided to release it for free as a gift to children in lockdown. READ MORE
May 30, CNN
Somebody come and play, but how do we do it safely? CNN and Sesame Street team up for a second special Town Hall to help children and parents deal with issues surrounding Coronavirus. READ MORE
May 30, website
A live video Q & A with stars of Star Trek: The Next Generation? Make it so! Participants include Jonathan Frakes (Cmdr. William Riker), Marina Sirtis (Counselor Deanna Troi), and Brent Spiner (Lt. Cmdr. Data). READ MORE
Free Shows, Festivals, & Stories To Enjoy from Home
May 30 -June 4, Lincoln Center website
NYC’s Lincoln Center devotes this week to dance, with filmed productions that have been in the vaults for years. Performances by Ballet Hispánico, New York City Ballet, American Ballet Theatre, The School of American Ballet, and Alvin Ailey American Dance Theater are included. READ MORE
May 29, YouTube
The We Are One virtual film festival screens three family-friendly short animated films from Annecy (the International Animated Film Festival). The selected shorts are: Bilby, Bird Karma, and Marooned. READ MORE
May 30, Facebook
World-renowned French artist, performer, and author of children’s books Herve Tullet leads his signature two-step flower workshop live, using materials available to participants at home (a simple sheet of paper or basic art supplies suffice). READ MORE
May 30 – 31, Facebook
BookCon is a free virtual event where the book community can stay connected while social distancing. BookConline features sessions throughout each day with different authors and publishers offering a front row look at new books and behind-the-scenes peeks at favorite titles. READ MORE
Saturdays. YouTube & Facebook
Stories at the Statue celebrates its 64th year this summer, continuing a beloved legacy of sharing tales and music in NYC’s Central Park – but, this year, it’s online! READ MORE
REAL ESTATE NEWS
Forget About Recessionary Real Estate Bargains;
Home Prices Are Still Rising
The U.S. economy is struggling to come back from the coronavirus. One area that’s proved surprisingly strong: Housing.Pushed by low mortgage rates, real estate in many cities is selling nearly as briskly as it was before Covid-19 changed the social landscape. Homes are selling quickly and for sums that are often at or over the asking prices. READ MORE
What Your Lender Wants You To Know About Getting a Home Loan During COVID-19
Getting a mortgage, paying your mortgage, refinancing your mortgage: These are all major undertakings, but during a pandemic, all of it becomes more complicated. Sometimes a lot more complicated.
But make no mistake, home buyers are still taking out and paying down mortgages during the current global health crisis. There have, in fact, been some silver linings amid the economic uncertainty—hello, record-low interest rates—but also plenty of changes to keep up with. Mortgage lending looks much different now than at the start of the year.