Mortgage rates continue to be at or near all-time lows. You can get a 30 year fixed rate mortgage for just over 4.5% if your credit is decent. If you own a home and plan to stay there and your rate is above 5.5%, refinance it if you can. If you are buying a home, get the fixed rate mortgage for 30 years.

Under normal conditions, I am an advocate of paying off your mortgage if the rest of your financial situation is in order. If you have a 6% rate, you can pay down your mortgage and get the equivalent of a 6% rate of return on your investment.

With rates as low as they are now and with potentially high inflation in the future, you probably can’t go wrong with a 30 year fixed rate for under 5%. You should obviously have payments that you can afford. If you get a fixed payment of say $1,000 a month, when you make that last payment in 30 years (assuming you keep the house for that long), that payment might be the equivalent of a nice dinner out.