New loan allows 85% cash out with less documentation

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 averaged 4.35 percent, down two basis points from last week. The 15-year fixed rate averaged 3.78 percent, down three basis points from last week.
The Mortgage Bankers Association reported a 3.6 percent increase in loan application volume from the previous week.
Bottom line: Assuming a borrower gets the average 30-ye