Affordable jumbos: 40-year fixed rate, easy qualifying, interest-only for 10 years

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:  The 30-year fixed rate fell by three basis points since the previous week, landing at 4.83 percent. The 15-year fixed averaged 4.23 percent, dropped six basis points from last week.
The Mortgage Bankers Association reported a 2.5 percent decrease in loan application volume from the previous week.
Bottom line: Assuming a borrower