Why Warren Buffett would advise you to refinance your mortgage

If you’re a homeowner, have you refinanced your mortgage lately — to slash your interest rate and monthly payment? Maybe you’ve been thinking you need to refi and take advantage of historically low mortgage rates, but you’ve been putting it off and putting it off.

Well, none other than investing sage Warren Buffett, who turned 90 on Sunday, would probably tell you to stop procrastinating. Rates on 30-year fixed-rate mortgages have been dirt-cheap in 2020 and are currently averaging just 2.91%, according to the nearly 50-year-old survey from mortgage giant Freddie Mac. That’s close to the all-time low of 2.88%, reached in early August.

“This is a very good time to borrow money, which means it may not be such a great time to lend money, but it’s good for the country that it’s a good time to borrow money,” billionaire Buffett said recently during his company’s annual shareholders meeting, held online.


Read the full article source here: