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May require frequent repayments. Interest rates can be high compared with traditional lenders. Term loan requires business lien. Early repayment doesn’t necessarily save interest costs.
The rate fell to 6.95% from 6.96% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.63%.
Call those tens of millions in extra revenue from home loan fees an oligopoly tax, because that's what they are.