Personal Investments • Is paying off a 2.99% mortgage always a bad idea?

Even someone early in their accumulation can benefit by paying down the mortgage, given that the mortgage rates are, almost always, a percentage point or two above the prevailing savings rates. I had my mortgage from 2000 till 2019; 30-year mortgage refinanced twice during the term. Towards the end, it became a 2.5% mortgage rate, but at that time savings and even long term CDs were yielding only 2%. Paying down the mortgage was better use of dollars.

My last refinance (after having done several) was a couple years ago when I got 2.0%. Very soon thereafter, savings/CD rates shot up to 4-5% and have been there ever since. No way am I paying off my mortgage.

Statistics: Posted by ThankYouJack — Tue Feb 06, 2024 11:25 am — Replies 295 — Views 17290