30-year mortgage rates drop below 4% for first time in 18 months

What’s up with mortgage rates? Jeff Lazerson of Mortgage Grader in Laguna Niguel gives us his take.
.
Rate news summary
From Freddie Mac’s weekly survey: For the first time since January 2018, the 30-year fixed is under 4%, averaging this week averaging 3.99%. That’s seven basis points lower than last week. The 15-year fixed-rate averaged 3.46%, down 5 basis points from last week.
The Mortgage Bankers Association reported a 3.3% percent decrease in loan application vo