Skip payments on a modified mortgage and California cuts you a big break

What’s up with mortgage rates? Jeff Lazerson of MortgageGrader.com gives us his take.
Rate news summary
From Freddie Mac’s weekly survey: The 30-year, fixed-rate averaged 3.64%, eight big basis points lower than last week. The 15-year, fixed-rate averaged 3.07%, nine basis points down from last week.
The Mortgage Bankers Association reported a 1.5% decrease in loan application volume from two weeks earlier.
Bottom line: Assuming a borrower gets the average 30-year fixed rate on a con