What high interest rates mean for paying down 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.

That is according to Freddie Mac, when interest rates are high, some borrowers may choose to pay down the interest portion of their monthly payments to make their monthly mortgage a little bit more affordable, but that also comes with risks.

So, if you've been in your home for some period of time and, and you have a lot of equity, you don't necessarily want to be pouring more uh into that and growing your equity stake further, particularly if you're not taking full advantage of those tax favored retirement savings plans. Uh And that when that happens, anybody who took out a rate at seven or 8% that they're gonna be storming in uh to, to refinance, we're still waiting on that to happen.I do expect that they will eventually come down as inflation comes under control.

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Mortgage rates top 7% for the first time this year, Freddie Mac saysExplore stories from Atlantic Canada.
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High mortgage rates hang around, reaching 7.17%Both first-time and repeat homebuyers felt the sting of higher rates this week, as rates for the popular 30-year fixed mortgage hit 7.17%, per Freddie Mac.
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