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531: Financial Freedom in 9 Steps: The Money Guy’s Financial Order of Operations

BiggerPockets Money Podcast

NOTE

Understanding High Interest Rates on Mortgages

Determining high interest rates on mortgages depends on the opportunity cost of capital. While current mortgage rates may be around 6-7.5%, it is anticipated that they will decrease in the future, leading homeowners to refinance at lower rates. For younger individuals, it may not be beneficial to aggressively pay off mortgages due to the likelihood of lower long-term rates. However, for older individuals aiming for debt-free retirement, the approach may differ. Hence, for those under 45, it is advised to be cautious about rushing to pay off lower interest mortgages.

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