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Bernanke says he is 'not qualified' to offer refinancing advice
The Detroit News - David Shepardson - July 17, 2013 at 7:26 pm

Washington — Federal Reserve Board chairman Ben Bernanke declined to answer a question from a Michigan member of Congress that’s perplexing many homeowners: Should they refinance?

Last week, the average U.S. rate on a 30-year-mortgage climbed to 4.5 percent — a two-year-high.

Rep. Bill Huizenga, R-Zeeland, who is vice chair of the Monetary Policy and Trade Subcommittee, said at a congressional hearing on Wednesday that he had recently refinanced his mortgage and wanted to pass along a question one of his friend’s had: “Should he refinance right now?”

Bernanke said he couldn’t answer. “I’m not a qualified financial adviser,” Bernanke said. “I wouldn’t want to.”