ilmscore | Prediction Details
"if you have a 2 and a half% mortgage or a 3% mortgage or a 3 and a half% mortgage it's a different thought process than somebody who has an 8% mortgage rate because now you have the ability to put your money into a highin savings account at the very least and at the time of we recording this video there are high interest savings accounts that are paying 4 and a half to 5% a year in interest so if you have extra money and you put into a high interest savings account that's paying you 5% interest and your mortgage is 3% well now the least risky option is to take that extra money put it into the high interest savings account let that spit out 5% and then you take that extra money and use it to pay down your 3% mortgage but this is where again now if you have a 7 or 8% mortgage now it's a different question"
By Minority Mindset | February 16, 2024 | Pending
From video
Should I Pay Down My Mortgage Or Buy Stocks? 00:07:46 - 00:08:35
Interpreted Prediction
With a low mortgage rate (e.g., 3%), it can be more financially advantageous to put extra money into a high-yield savings account (e.g., 5%) and then use that to pay down the mortgage. However, with higher mortgage rates (e.g., 7-8%), the decision-making process changes.

Prediction Details

Topic
Mortgage Interest Rate Impact

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