Adam Schiff paying just 3% mortgage on homes at center of mortgage fraud probe
NY Post
Gabrielle Fahmy
August 16, 2025
https://www.aol.com/adam-schiff-paying-just-3-124500127.html?guccounter=1&guce_referrer=aHR0cHM6Ly9jaXRpemVuZnJlZXByZXNzLmNvbS8&guce_referrer_sig=AQAAABt-7BcNnkWouwmBwtZ0pdeWGs57ktuKeglGXtKCZukfGcEAwVPCTEUx8Cd-XnRTA8kxD3L2dL1_VAkDuL7XOh0Ygfu5d_kfyA0I5la__DvRTklhRn48NKuPfN8I7QB8dHU1tWv0XRsE-fdfegFyLr7XcyHFOl6e9nRENOiokbpK
I am not excusing Adam Schiff claiming two primary residences, if that is what he was doing until 2020. But, if you read the NY Post article carefully, and check what interest rates were, they are making a bigger deal of this than it is. This is no surprise since the media regardless if it is left or right leaning consistently overstates to grab the readers attention.
The rates quoted in the article are for 30-year mortgages. Shorter term mortgages come with lower interest rates. Does anyone know how long either of these mortgages were/are?
Adam Schiff is currently paying a 3% interest rate on the two homes at center of mortgage fraud probe.
Schiff designated his Potomac, Maryland property as a second home in 2020. Which is when he got interest rates of 3% on both his Maryland and California homes when he refinanced his mortgages. Previously, to 2020 he was paying 5.625%, which may have been on par depending on when those mortgages were taken out and the length of the loan.
In 2020, average 30-year fixed mortgage rates began the year below 4% and fell to a historic low of 2.65% in July. Which is lower than Schiff's 3% rate.
Secondary residences are usually subject to rates up to a mere 0.5% higher.
In 2021, I refinanced my primary home with a 20-year conventional mortgage at a 2.25% interest rate (which is better than Schiff’s rate). My credit rating was and continues to be excellent. Does anyone know what Schiff’s credit rating was in 2020?
