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The interest rate on the 30-year fixed-rate mortgage remained near record lows in June and is likely to stay there in July.The 30-year fixed averaged 3.33% APR in the first four weeks of June, a smidgen lower than the 3.37% average APR in May and 3.36% in April. June’s rate average was the lowest in the four-year history of NerdWallet’s daily rate survey.A mission to reduce ratesMortgage rates were remarkably anchored from April through June after the Federal Reserve intervened to stabilize rates and push them down.But the Fed’s intervention hasn’t been entirely successful: Although mortgage rates have been remarkably stable, they’re stuck at a higher-than-expected level. To put it more bluntly, rates should be lower.Since March, the central bank has bought billions of dollars’ worth of Treasurys and mortgage bonds “to sustain smooth market functioning, thereby fostering effective transmission of monetary policy to broader financial conditions,” as the Fed explained in a June 10 statement.Dissecting that short passage:The Fed is saying that its goal is to push interest rates, including mortgage rates, lower. That’s what “transmission of monetary policy to broader financial conditions” means.It’s trying to accomplish that goal by buying Treasurys and mortgage bonds to calm and stabilize those markets. Stabilizing markets is a method, not the goal.? MORE: How mortgage rates are determinedFed failed to make a bigger splashThe Fed has succeeded in calming the waters. That’s why there were ripples, not waves, in fixed mortgage rates from April through June. But it has only partially succeeded in its goal to push interest rates lower. For the Fed to declare victory in “fostering effective transmission of monetary policy to broader financial conditions,” mortgage rates would have to fall another half a percentage point or so.With its intervention, the Fed decreased Treasury yields and mortgage rates. But the results are unequal: Since January, the 10-year Treasury yield has fallen a little over one percentage point, while the 30-year mortgage has fallen about half a percentage point. Normally, the two would fall roughly the same amount.Rates slow to sync with TreasurysWhy haven’t mortgage rates fallen further? You might guess that lenders are keeping rates elevated to offset the risk of mortgages going into default during the COVID-19 recession. But mortgage rates tend to fall during recessions.? MORE: What COVID-19 means for mortgage ratesMaybe mortgage servicers, the companies that collect monthly payments and work with past-due borrowers, want to be paid for the increased risk they bear, and it’s translating to higher rates. Maybe an undetected economic force keeps a floor on mortgage rates, preventing the 30-year fixed from falling below 3% and lingering there.A more plausible theory is that mortgage rates will follow historical patterns and shamble lower until they’ve fallen roughly the same as Treasury yields. That’s the conclusion that Bill Emmons, economist for the Federal Reserve Bank of St. Louis, makes in a paper titled “Why Haven’t Mortgage Rates Fallen Further?”Using history as a guide, Emmons writes, “we would expect a further decline in mortgage rates of perhaps 0.5 percentage points.” If he’s right, mortgage rates might drop in July.Don’t count on it, though. Not after these two months of stability; rates might continue to tread water.More From NerdWalletCompare current mortgage ratesHow much home can I afford?Buying or selling a home during the pandemicHolden Lewis is a writer at NerdWallet. Email: hlewis@nerdwallet.com. Twitter: @HoldenL. 3623
The Humane Society of the Treasure Coast in Florida takes in plenty of stray cats, many of which are either lost or in need of a loving home."Let me tell you, this is why I love working here," said volunteer program coordinator Sarah Fisher.Two weeks ago, an orange tabby cat showed up at the center."He was just found on the street, he was brought in," she said. "He had fleas, he was skinny."The cat had a microchip and it turned out he'd been missing for a very long."It's amazing," said Fisher. "It's unheard of."That's when Perry Martin -- a retired Fort Pierce K9 officer -- got the call from his veterinarian's office."They said, 'Perry what would you do if we told you that T2 was alive?' And I said, 'I'd probably tell you you're crazy because he died a long long time ago!'"Martin adopted Thomas Jr., also known as T2, back in 2002."He was a stray. Just kind of showed up," he said. "Took him to the vet, gave him his shots and that's when he got his microchip."He had him for a couple of years until the cat escaped during the aftermath of Hurricane Jeanne in 2004."People didn't have air conditioning, so as time went on people left their windows and screens open," he said. "I was staying in Stuart at the time and he slipped out."Martin was fearful that T2 had possibly been hit by a car on a nearby highway."I filed a report with the Humane Society, in case animal control picked him up," he said. "He had a microchip and I thought someone would just call me if they found him."But he never thought it would take 14 years for that to happen."My vet even listed him as deceased," Martin said.When Martin was reunited with T2, it was like seeing a ghost.“As soon as I looked at that face, I knew exactly who he was. A little bit older, kind of like me," he said. "I'm convinced he had to have had somebody bring him into their house. He must have been part of somebody's family and maybe he got out. I just can't see him living wild in the area I figured he would be."The Humane Society said T2's journey shows the importance of micro-chipping and keeping it updated."The microchip wasn't updated and it was an old phone number. We were able to track down the original owner," said Fisher."The national average for cats that get reunited with their owners -- is only two percent. The majority of them, they don't get microchipped. For dogs, it's 20 percent," Fisher added.Martin said he hopes others will think about microchipping their pets and updating their information ahead of hurricane season this year."Just update your information, your alternate information and your vet's information. They'll scan them and hopefully you'll get your pet back. You never know," he said.T2 is now about 18 years old and is weak, but eating well."Since he got home, he's eating, he's drinking, he's moving around," Martin said.Martin now helps train service dogs and recently added a new addition to the household with Sassy, the golden retriever. He said Sassy is gentle with T2, as he lives out the rest of his days with a new friend and an old friend."He had an opportunity to come home, spend time with his family and be on a good note when he passes," Martin said. "Until that day, he'll be spoiled like he was before he left." 3273

The National Rifle Association should move its annual convention from Dallas to somewhere else after last week's massacre at a Florida high school that left 17 students dead, a Dallas city official says.It's not appropriate for the group to meet in Dallas in May because there's so much gun violence in the United States, Dallas City Council Member Dwaine Caraway saidAssault rifles like the one used in the Florida school shooting should be outlawed, he said Monday at a news conference, and "the NRA needs to step up to the plate and they need to show leadership."CNN's calls to the NRA for comment were not immediately returned.Caraway, who is serving as mayor pro tem, meaning he fills in when the mayor is absent, said he's expressing a personal belief about the NRA and has not initiated any action in the city government to stop the convention.At a Monday news conference, Caraway said he had not spoken directly to any NRA officials."I am saying to the NRA, reconsider yourselves coming to Dallas," Caraway said. "There will be marches and demonstrations should they come to Dallas and we, Dallas, will be the ones that have to bear the cost and the responsibility and to protect the citizens."Caraway noted that gun violence has visited Dallas before, with the 1963 assassination of President John F. Kennedy and the 2016 slaying of five city police officers. Caraway said he owns five firearms himself but thinks assault rifles should only be available for the military and law enforcement."Who needs an AR-15 to go hunting?" he said. "Who needs an AR-15 to protect their house?"The NRA convention is scheduled to take place May 3-6 in the Kay Bailey Hutchison Convention Center in Dallas. This is the group's 147th annual meeting, according to the NRA website, which invites "over 80,000 patriots and 800+ exhibitors" to attend."Why the NRA now?" Caraway said. "Because it's their convention. It's because it's their responsibility. It's because they stand for the very things we are confronted with every day of our lives. Those kids in Florida, they will have to live with these nightmares the rest of their lives."In a Tuesday interview with CNN, Caraway said leaders should listen to those students."If those kids in Florida, for example, knew that something was being addressed then they wouldn't be staging protests," he said. "Those kids need to be at the table, and voicing their opinions. The NRA needs to open their ears and hear what is it we need to strengthen, what it is we need to limit, and then everyone comes out happier and safer."Dallas Mayor Mike Rawlings issued a statement saying he disagreed with the NRA's viewpoint and tactics, but "they have a legal contract that was signed in 2012 and I'm not advocating that we violate that agreement. Hopefully we will take the opportunity in Dallas to engage in meaningful dialogue about how we work together to end mass killings in America."President Trump spoke at the 2017 NRA convention, which was held in Atlanta. It's not known if he will attend the 2018 meeting. 3059
The orca whale that made headlines in July 2018 for carrying her dead calf 1,000 miles is a mother again.Researches at the Center for Whale Research announced that Tahlequah, also known as J-35, gave birth last week. 224
The mansion used on 'The Bachelor' and 'The Bachelorette' is now available to rent on Airbnb for ,000 a night.According to the listing, the 10,000-square-foot Mediterranean-style mansion is set in Agoura Hills, California, and boasts seven bedrooms and 8.5 bathrooms. It can house 13 guests comfortably and includes a swimming pool, two hot tubs, a pool table, and hand-crafted furniture. There are three king beds, three queen beds, and one full bed."Villa de la Vina, also known as "The Mansion," is the ideal place for your next getaway. Nestled on a beautiful 10-acre property, Villa de la Vina is situated within the Santa Monica Mountains of Malibu," the description reads. "It offers 10,000 square feet of interior space and 20,000 square feet of outside space. This 200-year-old Mediterranean-style revival house, with its one-of-a-kind pool and romantic archways, exudes the rich feeling of a picturesque hideaway with the canyon, mountain and vineyard views."The listing also states no parties, filming, professional photography, or gatherings are allowed on the property.When the home isn't used as the backdrop for the dating reality show, the house is typically occupied by a local family, who stay at a hotel when filming is underway, the owners told ABC News. 1284
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