“ Most likely chasing lower interest rates.
After Reagan crushed inflation in 1981-1982, interest rates declined for almost 40 years.
The US 10 Year Treasury Bond was 16% in 1982.
In 2020 - it was 0.65%.”
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But there are a multitude of fees connected up with every single refinancing. Even if interest rates go down 2%, it is a coin toss as to whether that will make sense over the next 5 to 7 years. If rates went from 16% down to approximately zero, that would indicate a maximum of eight refinancings, none of which would’ve had the requisite 5 to 7 year breakeven period. Something is very suspicious about this, and when it involves someone as obviously corrupt as Biden, it is a guarantee that something else was going on.
I am a life time renter, so I will defer to you gentlemen on the issue of home mortgages.
The article does say he started refinancing with the 1975 house - 15 times in 20 years.
USA Home prices increased 12X times in the last 40 years.
I was thinking he extracted inflated value, but stayed close to the same inflation-adjusted monthly payment, because of the interest rate decline.
Later today, I will run some numbers through a mortgage calculator to see if anything interesting pops up.