Although American fixed rates often last for decades, most in Britain and swathes of continental Europe expire after five years or less.
So, it’s an adjustable rate mortgage, and those rates are high right now, and are expected to remain high. Meanwhile, savings rates are very low, and expected to remain low.
Nothing has really changed - if your interest rate to borrow is higher than your interest rate to save/invest, then you are better off paying it off early. This has always been true, and has usually been the case for us commoners.
The big counterargument they make is that investments could/did yield high returns. That was always risky at best, and requires cherry-picking data to support it. But now they aren’t even expecting that.
FTA:
So, it’s an adjustable rate mortgage, and those rates are high right now, and are expected to remain high. Meanwhile, savings rates are very low, and expected to remain low.
Nothing has really changed - if your interest rate to borrow is higher than your interest rate to save/invest, then you are better off paying it off early. This has always been true, and has usually been the case for us commoners.
The big counterargument they make is that investments could/did yield high returns. That was always risky at best, and requires cherry-picking data to support it. But now they aren’t even expecting that.