What's In Kamala Harris' Wallet? Millions Of Dollars, And A 2.625% Mortgage Rate

As Kamala Harris pivots from Vice President to presumptive Democratic nominee for president, her financial disclosures show a desirable piece of her portfolio – a 2.625% mortgage rate on her Los Angeles home.

That rate, secured in 2020, is a relic of the pandemic era’s historically low interest rates. With today’s average 30-year fixed mortgage rates hovering near 7%, Harris’ loan terms point to the difference between the housing market then and now.

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According to a review of her financial disclosures by The Wall Street Journal, the Vice President and her husband, Doug Emhoff, refinanced their 3,500-square-foot Brentwood-area home with a $2 million, seven-year adjustable-rate mortgage (ARM) from Wells Fargo. That move allowed them to take advantage of the low-rate environment during the pandemic.

Harris and Emhoff’s decision to opt for an ARM rather than a fixed-rate mortgage is a strategy often used by high-net-worth individuals. Gordon Miller, a mortgage broker in Cary, N.C., explained to the Journal that wealthy clients frequently refinance ARMs at the same rate before they reset, effectively extending the loan’s favorable terms.

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The property has also appreciated in value. The four-bedroom home, purchased by Emhoff in 2012 for about $2.7 million, has nearly doubled in value, with current estimates from Zillow placing its value at around $5 million.

The couple’s real estate portfolio extends beyond their Los Angeles residence. Records show that Harris previously owned other properties in California and Washington, D.C.

Beyond their mortgage, Harris and Emhoff have assets valued between $3.6 million and $7.36 million (excluding real estate), and the Journal noted that much of their wealth is held in retirement accounts and low-cost index funds.

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The couple earned around $450,000 in 2023 (including Harris' Vice President salary of $218,784), a decrease from previous years due to Emhoff’s departure from his law partnership.

As Harris makes her case to lead the country – with President Joe Biden dropping out of the race on Sunday – her financial disclosures show careful, conservative management.

The Road Ahead: With the nomination all but secured, the Democratic National Committee has set Aug. 1 as the likely start date for delegate voting, marking the formal beginning of Harris’s journey as the presumptive nominee.

Harris’s path to the nomination appears clear with no plausible challengers on the horizon and endorsements pouring in from party heavyweights like Bill and Hillary Rodham Clinton.

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