Mortgage refinancings set to surge to a 17-year high

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Lenders probably will originate $1.5 trillion in refis, a 51% jump from 2019, Fannie Mae says

If you’re in the mortgage business, fasten your seatbelts. Refinance volume is set to spike to a 17-year high this year as mortgage rates fall to the lowest levels ever recorded, Fannie Mae said.

Even as other parts of the economy tank, lenders will originate $1.5 trillion in refis in 2020, a 51% jump from 2019, according to the forecast. That would be the highest level since 2003 when $2.5 trillion of mortgages were refinanced, according to data from the Mortgage Bankers Association.

The lowest interest rates on record will bolster refis after the Federal Reserve began buying mortgage-backed securities to stimulate bond demand and grease the wheels of the credit markets. The average U.S. rate for a 30-year fixed mortgage fell to an all-time low of 3.23% at the end of April, according to Freddie Mac.

Continue reading… “Mortgage refinancings set to surge to a 17-year high”

A billion people live in the slums of the world’s megacities—all overlooked in coronavirus planning

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A market area in Dhaka, the Bangladeshi capital, crowded with people despite the coronavirus pandemic, May 12, 2020.

Sprawling urban areas in Brazil, Nigeria and Bangladesh are all seeing COVID-19 infections rise rapidly.

A billion people live in the slums of the world’s megacities—and they’re being missed by coronavirus plans

Having ravaged some of the world’s wealthiest cities, the coronavirus pandemic is now spreading into the megacities of developing countries. Sprawling urban areas in Brazil, Nigeria, and Bangladesh are all seeing COVID-19 infections rise rapidly.

We study the fragility and resilience of such cities and their urban peripheries, with the aim of encouraging data-driven policy decisions. Given its deadly trajectory in marginalized communities of hard-hit New York and London, coronavirus may well devastate much poorer cities.

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Tesla’s ‘million-mile battery’ could sound the death knell for combustion engines

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New battery tech may make EVs cost the same as traditional smog spitters.

 Tesla has long been locked in a battle with fundamental chemistry to reach its holy grail: the point on the curve at which its electric vehicles can be sold at a price comparable to gasoline cars. The company might be reaching that inflection point, with Reuters reporting that Tesla will soon introduce a low-cost, long-life battery in its Model 3 sedan in China. Given Tesla’s ongoing ascent and technological dominance in the EV sector, the news must be giving rival carmaker’s execs sleepless nights.

The report comes as Tesla CEO Elon Musk has been teasing a “Battery Day” expected to take place in June, where he says the company’s announcements will make it “one of the most exciting days in Tesla’s history.”

Musk has made it clear repeatedly that the cost per kilowatt-hour of Tesla’s batteries has been a major roadblock to selling the cars at a price competitive with traditional internal combustion vehicles. That, in turn, has been an obstacle to their mass adoption. But beyond boosting sales, Musk envisions the new batteries having a second life on the power grid as storage devices, which could help him achieve another goal: A move to a sustainable-energy focused economy.

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Blood test detects Alzheimer’s disease

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Researchers have created a simple blood test that can detect Alzheimer’s disease.

 The blood test accurately measures one of the proteins—P-tau181—implicated in Alzheimer’s disease (AD), according to a new study.

Blood P-tau181 indirectly measures tau hyperphosphorylation in the brain, which is one of the hallmarks of the disease along with the clumpy plaques caused by the protein amyloid β.

Prior to this discovery, detecting the proteins and confirming an Alzheimer’s disease diagnosis was possible only through expensive PET scans, invasive lumbar punctures, or autopsy.

The search for an Alzheimer’s disease blood test has been years in the making, but a test sensitive enough to detect tau long eluded researchers.

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These are boom times for Augmented Reality

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There’s no escaping the pandemic, but bizarre Instagram filters and Zoom backgrounds give us the illusion that we can.

I am alone in my apartment, as always, and I’ve just replaced my left eyeball with an orange springing out of its peel.

A mile away, a friend, also home alone, is taking her seat—every seat, actually—at the table in The Last Supper, yelling as the camera pans down the row of disciples and her face replaces that of one man after another. Another friend is watching a mouse dressed as the Pope dance across her kitchen floor. A third is smiling while a strange man wraps his arms around his throat.

Many of us have nowhere to go, no one to see, no communal experience to be a part of, no shared feelings other than dread. But the platforms of the pandemic—Zoom, Instagram, Snapchat, FaceTime—all let us pretend that our life is more than just four walls. With augmented-reality filters, users can mess with their appearances in elaborate ways. Before the coronavirus hit, out-there virtual effects were something of a novelty, but now they’re becoming a major mode of passing the time, giving us the technology to make our faces interesting enough to keep on sharing.

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Volvo CEO: Pandemic will rapidly accelerate shift to electric cars

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Volvo CEO Håkan Samuelsson said that the coronavirus will accelerate the pace of change in the auto industry. He said the shift to EVs will be among the major changes that occur due to the pandemic.

Speaking at a Financial Times global digital conference, Samuelsson said:

Electrification will go faster. I think it would be naive to believe after some months, everything will return to normal, and our customers will come back into a showroom asking for diesel cars. They will ask even more for electric cars. And that is speeding up.

Moreover, he believes that any government efforts to subsidize the auto industry’s recovery should be based on supporting EVs and other new technology.

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New recipe for single-atom transistors may enable quantum computers with unparalleled memory and processing power

 

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Single-Atom Transistor

 Linking multiple copies of these devices may lay the foundation for quantum computing.

Once unimaginable, transistors consisting only of several-atom clusters or even single atoms promise to become the building blocks of a new generation of computers with unparalleled memory and processing power. But to realize the full potential of these tiny transistors — miniature electrical on-off switches — researchers must find a way to make many copies of these notoriously difficult-to-fabricate components.

Now, researchers at the National Institute of Standards and Technology (NIST) and their colleagues at the University of Maryland have developed a step-by-step recipe to produce the atomic-scale devices. Using these instructions, the NIST-led team has become only the second in the world to construct a single-atom transistor and the first to fabricate a series of single electron transistors with atom-scale control over the devices’ geometry.

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AR contact lenses are the holy grail of sci-fi tech. Mojo is making them real

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Every technology has its trade-offs. The key to success is making sure that the benefits are so great that the trade-offs seem like minor nitpicks by comparison.

Steve Sinclair, the senior vice president of product and marketing at a Silicon Valley startup called Mojo Vision, is excited about the technology his company is developing. And he’s betting you’ll be excited, too — so excited that you’ll forget all about the fact that using it requires you to press two tiny screens up against your eyeballs.

If what Mojo has planned works, sticking a piece of tech directly onto your eyes every day will be as minor a drawback as your smartphone making your pocket a few ounces heavier.

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The COVID-19 shutdown will cost Americans millions of years of life

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Our governmental COVID-19 mitigation policy of broad societal lockdown focuses on containing the spread of the disease at all costs, instead of “flattening the curve” and preventing hospital overcrowding. Although well-intentioned, the lockdown was imposed without consideration of its consequences beyond those directly from the pandemic.

The policies have created the greatest global economic disruption in history, with trillions of dollars of lost economic output. These financial losses have been falsely portrayed as purely economic. To the contrary, using numerous National Institutes of Health Public Access publications, Centers for Disease Control and Prevention (CDC) and Bureau of Labor Statistics data, and various actuarial tables, we calculate that these policies will cause devastating non-economic consequences that will total millions of accumulated years of life lost in the United States, far beyond what the virus itself has caused.

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New solar panels suck water from air to cool themselves down

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Intense summer sun can spike temperatures of solar panels, causing their electrical production to plummet.

Like humans, solar panels don’t work well when overheated. Now, researchers have found a way to make them “sweat”—allowing them to cool themselves and increase their power output.

It’s “a simple, elegant, and effective [way] to retrofit existing solar cell panels for an instant efficiency boost,” says Liangbing Hu, a materials scientist at the University of Maryland, College Park.

Today, more than 600 gigawatts of solar power capacity exists worldwide, providing 3% of global electricity demand. That capacity is expected to increase fivefold over the next decade. Most use silicon to convert sunlight to electricity. But typical silicon cells convert only 20% of the Sun’s energy that hits them into current. Much of the rest turns into heat, which can warm the panels by as much as 40°C. And with every degree of temperature above 25°C, the efficiency of the panel drops. In a field where engineers struggle for every 0.1% boost in power conversion efficiency, even a 1% gain would be an economic boon, says Jun Zhou, a materials scientist at Huazhong University of Science and Technology.

Decades ago, researchers showed that cooling solar panels with water can provide that benefit. Today, some companies even sell water-cooled systems. But those setups require abundant available water and storage tanks, pipes, and pumps. That’s of little use in arid regions and in developing countries with little infrastructure.

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3 ways COVID-19 could actually spark a better future for Africa

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Coronavirus is severely testing Africa’s social, economic and political resilience.

COVID-19 is forcing African states to invest in their health systems.

A lack of essential healthcare supplies has triggered a debate about the necessary industrialization of Africa.

In 1990, when Cameroon’s football team did the unthinkable and beat Argentina in the World Cup, the proportion of the world’s population living below the poverty line was 35.9%. Fast-forward 35 years to 2015, following a global adoption of the UN’s Sustainable Development Goals (SDGs), this figure now stands at 10%.

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Elon Musk’s Boring Company finishes digging Las Vegas tunnels

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The Boring Company’s test tunnel in Hawthorne, California. Image: The Boring Company

 The city’s Convention and Visitors Authority is still planning to open the ‘Loop’ in January 2021

Elon Musk’s Boring Company has completed digging a second tunnel underneath the Las Vegas Convention Center, marking the end of the first phase of the $52.5 million project to build a “people-mover” system to shuttle visitors from one side of the venue to the other. The first of the two tunnels was finished in February.

Workers will now turn their attention to completing the above-ground passenger stations on either end of the tunnels, as well as a third underground station in the middle of the system. The people-mover, which is being formally called the Convention Center Loop, is still scheduled to open to the public in January 2021 in time for the next Consumer Electronics Show — if CES happens, that is.

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