Zuckerberg refinances home at 1.05% interest

It's a 30-year adjustable loan so the Facebook CEO is subject to monthly increases if rates ever take off. But rates are not likely take off for a long, long time. Zuckerberg, who took out a $5.95-million mortgage, is borrowing at a rate well below inflation, which means that he's essentially borrowing for free. The average rate on a one-year adjustable mortgage is 2.69 percent. From Bloomberg:

The Palo Alto house cost $7 million in March of last year, purchased in the name of a limited liability company, according to a deed filed with the Santa Clara County Clerk-Recorder. Zuckerberg's address was published by Palo Alto Online and Burbed.com, a Silicon Valley real estate blog. Three neighbors reached by phone at their homes said Zuckerberg lives at the address. They asked that their names not be used because of concerns for their privacy. The five-bedroom, 5-1/2-bath house was built in 1903 on a 9,011 square-foot (837 square-meter) lot, according to Redfin Corp. The two-floor white wood-sided home is ensconced behind a gated drive and a wall of groomed shrubbery, about three miles from Stanford University and three miles from Facebook's Menlo Park headquarters.