WASHINGTON (AP) — The Federal Reserve's record-low interest rates have shrunk income for savers but cut costs for borrowers. Chairman Ben Bernanke is among the beneficiaries.
Bernanke's latest financial disclosure form, released Thursday, shows he refinanced his Washington home in 2011. He took out a 30-year mortgage with a fixed 4.25 percent rate, replacing one taken out in 2009 that carried a 5.375 percent rate.
Both mortgages were valued at between $500,000 and $1 million. The government requires top officials to estimate only ranges for their financial assets rather than an exact figure.
In his disclosure documents, Bernanke's assets outside of his home were estimated to range between $1.1 million and $2.3 million. That was unchanged from last year.