Fed Chief Bernanke Refinances Own Mortgage Down to 4.25%

When it comes to taking advantage of historically low mortgage rates, Federal Reserve Chairman Ben Bernanke is just like millions of Americans seeking lower monthly payments.
Bernanke refinanced his home mortgage last year, lowering the rate on a 30-year fixed loan to 4.25 percent from 5.375 percent, according to his financial disclosure form.
The value of Bernanke’s home loan ranges from $500,001 to $1 million, according to his just-released disclosure.
Actions taken by the Fed since the financial crisis, primarily bond purchases dubbed “quantitative easing,” have helped send interest rates on mortgages to historically low levels.
More than 16 million U.S. consumers have refinanced their mortgages since April 2009, according to U.S. Department of Housing and Urban Development data.
The average rate on a 30-year fixed mortgage dropped to a record 3.49 percent in July, according to Freddie Mac.
The 30-year fixed rate is at 3.55 percent this week, slipping from last week’s 3.59 percent.
Bernanke reported that his family-owned financial assets are valued between $1.07 million and $2.28 million.
That compares with a range of $1.06 million to $2.31 million in last year’s disclosure, and $1.15 million to $2.48 million for 2009.
The U.S. Office of Government Ethics requires officials to report only a range in the value of holdings.

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