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I've been waiting to refi our home (8.6%) since January, but mortgage rates have hardly dropped since then. The reason given then (on CNNfn)was that 10-year Treasury rates were still high. Well, they've come down below 5% but mortgages haven't. Does anyone know? If I look at the after-tax rate, a 7% mortgage with a 28% tax rate benefit ends up equalling a 5% rate. Still not a great deal (of course you still get property taxes, etc., but then we'd geet $7900 in standard deduction anyway). I think it's bank robbery, that is, robbery by banks.
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