No refinancing for Obamas

President Obama isn’t following his own advice when it comes to lower interest rates.

Obama encouraged homeowners last year to refinance their mortgages to lock in lower rates, saying the move would save them money and free up cash to help buy a new car or purchase their child a laptop computer.

{mosads}But the president once again declined to refinance the 5.625 percent he and his wife pay on their Chicago home, according to financial disclosure documents released by the White House on Thursday. 

The president and first lady Michelle Obama are still paying down a loan on their home in Chicago’s Hyde Park neighborhood that they first took out in 2005, despite a higher-than-market rate.

Vice President Biden, however, heeded the president’s call. The vice president refinanced his Delaware home with a new, 30-year mortgage that carries a 3.375 percent interest rate. He also refinanced two home equity lines of credit to lock in lower rates.

In total, the Obamas’ assets were estimated at between $1.95 million and $7.15 million, excluding their Chicago home. Most of that money was tied up in investments and Treasury notes, including college funds for their young daughters. Interestingly, the first lady maintains her own checking account, while the president does not.

The Bidens’ assets were worth between $276,000 and $940,000, according to the disclosure forms.

Members of the White House staff will complete similar disclosure forms to be posted online within the next month.