by John McCormick
As President Barack Obama on Thursday talked up the economic benefits from the wave of home refinancing sweeping the nation, a mortgage broker said he and First Lady Michelle Obama would likely do well to stand pat with the 30-year mortgage they have on their stately mansion in Chicago.
During a White House event, the president surrounded himself with several families who have lowered their bills through refinancing as he touted Federal Reserve and Treasury Department efforts to lower mortgage rates to historic lows in an attempt to stir the sagging economy.
The Obamas, however, do not need to worry about lowering their monthly expenses as much as most Americans, and their Washington housing is free. Back in Chicago, they have a mortgage locked in at 5.625 percent, compared with the current national average of about 4.87 for a standard home loan.
The Obama loan, however, is what bankers call a "super jumbo," which is larger and often harder to finance in today's market conditions. At the time they received the loan, the average for similar-size mortgages was estimated in the range of 5.93 percent to 6 percent, according to news reports.
Comments
Maybe they need to seek Chris "Freind of Angleos" Dodd's advice. Wink, wink.
Posted by: Terry | April 10, 2009 10:05 PM