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When it doesn't make sense to pay off your mortgage

According to Freddie Mac, the average 30-year fixed mortgage rate is holding steady above 7%. When interest rates are high, some borrowers may choose to pay down the interest portion of their monthly payments, but that also comes with risks. Bankrate Chief Financial Analyst Greg McBride joins Wealth! to give insight into what high interest rates mean for paying down a mortgage. McBride offers advice to those close to paying off the balance of a mortgage: "Let's say you're getting down toward the end of that mortgage. You're down to your last 10 or $20,000 on the balance, and you're a couple of years away from retirement. In that sense, stepping up the payments can make a lot of sense because what you're going to do is you're going to completely eliminate that payment before you retire, giving you a quick return on investment, drastically reducing your expenses and retirement." About Yahoo Finance: Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life. - Get the latest news and data at finance.yahoo.com - Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO) - Follow Yahoo Finance on social: X:   / yahoofinance   Instagram: https://www.instagram.com/yahoofinanc... TikTok: https://www.tiktok.com/@yahoofinance?... Facebook:   / yahoofinance   LinkedIn:   / yahoo-finance