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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Second-Richest Man Says Mortgages Now a "No Brainer"

Housing-Market / US Housing Oct 09, 2014 - 10:23 PM GMT

By: DailyWealth

Housing-Market

Dr. Steve Sjuggerud writes: Warren Buffett is the second-richest man in America today, behind Bill Gates. (He was the richest man in the world in 2008.)

He made his fortune through the financial markets. Buffett, to me, is the greatest financial mind of our time – if not ever.

Right now, Mr. Buffett says to get a fixed mortgage... Specifically, he calls it a "no brainer" today...


Mortgage rates have been falling again lately, and they're not far from all-time record lows:


"You would think that people would be lining up now to get mortgages to buy a home," he said at a Fortune magazine conference this week.

Buffett has been surprised about the speed of housing's recovery. He said it "has been slower than I anticipated." But he is not worried.

Buffett expects housing will recover, as it always does after recessions. He joked that inevitably "Hormones kick in, and in-laws get tiresome."

Buffett likes 30-year fixed mortgages best, calling them "incredibly attractive." Here's why...

He says that if interest rates go up after you get your mortgage, you win – because you're locked in for 30 years at a great rate. And if interest rates go down, you win as well – because you can easily refinance at a lower rate.

If you have a long-term view that the dollar is going to weaken eventually, and that interest rates will rise eventually, then, according to Buffett, you really want to get that 30-year fixed-rate mortgage...

"It's a good way to go short the dollar, [and to] short interest rates. It's a no brainer." He says.

The greatest financial mind of our time says a 30-year mortgage today is a no-brainer...

Are you going to listen to him?

Mortgage rates are near-record lows relative to history. And house prices are still affordable.

I suggest you take the advice of America's second-richest man... and (if it makes sense for you at all) consider getting yourself a fixed mortgage of some sort, right now...

Good investing,

Steve

Editor's note: If you'd like more insight and actionable advice from Dr. Steve Sjuggerud, consider a free subscription to DailyWealth. Sign up for DailyWealth here and receive a report on the top ways to protect your money, your family, your health, and your privacy. This report will show you the best "common sense" solutions to help you protect yourself from some of the worst elements in America today. Click here to learn more.

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The DailyWealth Investment Philosophy: In a nutshell, my investment philosophy is this: Buy things of extraordinary value at a time when nobody else wants them. Then sell when people are willing to pay any price. You see, at DailyWealth, we believe most investors take way too much risk. Our mission is to show you how to avoid risky investments, and how to avoid what the average investor is doing. I believe that you can make a lot of money – and do it safely – by simply doing the opposite of what is most popular.

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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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