Many of us thought we were in August yesterday, with the thermometer reaching 96 degrees at the national weather station in Warwick. Thankfully, we are back to normal temperatures today.

The point of that is Memorial Day weekend is deemed the start of summer. The barbecues are cleaned, primed and ready to start cooking.

Memorial Day is really a rather somber occasion. Formerly known as Decoration Day, it commemorates U.S. men and women who died while in the military service.  For those interested in paying homage to the military, the Providence Journal has a list of parades in the cities and towns and events for the weekend.

And to liven things up a little, there are other interesting events happening around the area.

The Annual Gaspee Days Arts & Crafts Festival is held on Memorial Weekend. It attracts approximately fifty thousand visitors for three days, where they can look at the wares of the up to two hundred craft exhibitors that will be on the Narragansett Parkway in Warwick.

As an addition to Brown University‘s commencement this weekend, the University’s Office of Alumni Relations and Division of Advancement is sponsoring the partial lighting of Waterfires, Barnaby Evans’ installation artwork. This lighting is titled The circle of fires and will will burn brightly in Waterplace Basin and continue from there down to Steeple Street.  The fires will be lit shortly after sunset at 8:12 p.m.

Personal responsibility played a very big part in creating the financial meltdown mess of the last couple of years. Many homeowners failed to understand the consequences of exotic loans, and the unscrupulous people in the real estate profession took advantage of that ignorance.

Would so many people have bought homes they couldn’t afford if they had a better grasp of the consequences of resetting interest rates and negative amortization?  Was it the best approach for building financial security? My guess is, no.  I make it a point to refer my clients to reputable lenders within my network. Also, I try to give those clients as much information personally and reiterate that advice on Real Estate Insight, so that they can make informed financial decisions.

A recent Real Estate Insight guest has taken informed decision making to an even higher level.  Robert Bailey, author of The Billionaires Little Black Book, The Ultimate Secret Behind Sustainable Wealth spoke with us about the theory behind his new book.  Pointing out that you have a better chance of becoming a billionaire than you do winning the lottery, Rob has taken the knowledge he has garnered from years in financial management and developed a seven point strategy  for managing personal and professional business decisions, investment decisions, and life choices.

Stressing the importance of a team approach to your finances, Bailey devotes a chapter to how a trusted Real Estate advisor fits into this plan.  It is a quick read, but filled with great information.  So, check it out and maybe you will be the next billionaire.

With busy schedules and jam-packed weekends, Rhode Islanders may find a few Providence Arts and Entertainment District events enjoyable over the next few days.

Thursday, May 20th is Gallery Night in Providence. From 5-9pm, art enthusiasts can stroll through twenty-one different galleries, museums and historic sites for free. Leaving from One Regency Plaza every half hour, there are five different guided tours, the first departing at 5:30pm.

Last week, Providence Performing Arts Center welcomed Jersey Boys to their stage. Running until June 6th from Tuesday to Sunday every week. The reasonable ticket prices (starting at $28) make this off Broadway performance a must see.

Saturday, May 22nd, from 11am-5pm, Westminster Street shops in Providence will be opening their doors and bringing their artistic inventory on the sidewalks for the Spring Sidewalk Sale. Shops on Westminster Street include Craftland, Heir Antiques, Symposium Books, Oop!, Clover and more.

Joining the Spring Sidewalk Sale, on May 22nd, is the Rock’n'Roll Yard Sale at Grant’s Block. Treasures can be found in the form of vintage records, t-shirts, and jewelry, to name a few.

The days grow longer and summer quickly approaches. Graduations, weddings and barbecues for Rhode Islanders of all ages are starting to fill the weekends.  If there is still time for community events, I’ve rounded up some local activities happening in Northern RI which might entertain some.

The Pawtucket Red Sox is kicking off a four-game series versus the Syracuse Chiefs beginning Friday, May 14, 2010. Tickets are reasonably priced, accommodating most budgets.

Saturday, May 15, appears to be an eventful day in Northern RI. From 9am-1pm in Smithfield, there is a Tire Round Up giving locals the opportunity to donate old rimless vehicle tires. All donations will be sent to Lakin Tire courtesy of Town Fair Tire. Lakin processes used tires for reuse and recycling.

A “Guided Kayak Paddle Through History” is going on from 12:30pm-4pm. The tour offers adventurers the opportunity to paddle up the Blackstone Canal in Lincoln, RI. The return trip will begin at the Blackstone River traveling quickly past historic mills, local wildlife and vegetation. This is being put on by the Blackstone Valley Outfitters.

Abraham Lincoln (or should I say an actor portraying him, I think) will be traveling on the Providence & Worcester Railway from Providence to Woonsocket, RI from 9:30am-3:30pm. For $25, passengers can join in the celebration of the 150th anniversary, and listen to Lincoln’s historic Cooper Union Speech at Harris Hall. Dress up in period costume and enjoy music by the Heritage String Band. Admission price includes entry in a raffle to receive an original portrait of Lincoln by Peter Campbell, valued at $2,000.

So, join in this fun.

With the first-time home buyer tax credit ending last month, information on the condition of mortgage rates has become a popular topic. The Board of Governors of the Federal Reserve System, following the meeting of the Federal Open Market Committee, stated in a recent press release, “While bank lending continues to contract, financial market conditions remain supportive of economic growth.”

The Committee also reported, “[they] will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period.”

Realtor®Mag published news, by Freddie Mac, reporting the average interest rate for 30-year fixed mortgages at 5 percent last week, down from 5.06 the previous week. For a 15-year fixed loan the average was 4.36 percent, down from 4.39 percent. Five-year, adjustable-rate mortgages and one-year ARMs also were down.

Locally, Homestar Mortgage was recognized in an article by Providence Business News as a top partner lender of Rhode Island Housing for 2009 and the first quarter of 2010. Homestar Mortgage was at the top of a list of 37 partner lenders and brokers who offer Rhode Island Housing’s low-interest FirstHomes100 mortgages. Homestar Mortgage is a preferred mortgage partner of Residential Properties.

What does this mean for you? Well, simply stated, mortgage rates remain at a historically low percentage.