First time ever: Standalone fixed-rate second mortgages allow 100% cash-out

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 averaged 4.59 percent, down 1 basis point from last week’s 4.60 percent. The 15-year fixed rate averaged 4.05 percent, 3 basis points better than last week’s 4.08 percent.
The Mortgage Bankers Association reported a 3 percent decrease in loan application volume from the previous week. The refina