If you're a homeowner, have you refinanced your mortgage lately — to slash your interest rate and monthly payment? Maybe you've been putting it off, even though a new refinance fee is threatening to push mortgage rates higher.
Investing sage Warren Buffett, who recently turned 90, would probably tell you to stop procrastinating. Rates on 30-year fixed-rate mortgages are averaging just 2.87%, only a hair above an all-time low, according to the most recent weekly survey from Freddie Mac. The mortgage company has been monitoring rates for almost 50 years.
When Berkshire borrows they avoid the Fed tax by placing a bond. Most of us smaller borrowers are stuck with regulated banking and the fees are high are growing.
Interest rates are not low, they reflect the recession. Loan fees are way up and banking charges way up and retail regulated banking is shrinking. All of these high fees engineered to hit the small retail accounts, a problem causing high wealth inequality and pushed by ignorant Keynesians.
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