Obama tells homeowners to refinance. So why is he paying 5.6%?

Obama refinanceBy Gregory Korte | USA Today

The mortgage company ads are everywhere online: “Obama Urges Homeowners to Refinance Now.”

One person not taking that advice: President Obama himself.

Obama’s annual financial disclosure report, released Friday, shows the president and his wife are still paying 5.625% on a mortgage they took out on their Chicago home in 2005.

Even after recent increases, the average rate on a 30-year fixed mortgage is now 4.01%.

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