New program offers hard-money mortgages at half the rate

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 3.75%, up 2 basis points from last week. The 15-year fixed rate averaged 3.18%, also up 2 basis points from last week.
Loan application volume was unchanged from the week before, the Mortgage Bankers Association reported.
Bottom line: Assuming a borrower gets the average 30-year fixed rate on a conformi