My wife and I locked in a few weeks ago at 5.375% and can go that route or 4.875% for 15 years. Our mortgage now sits at 6.5% and we owe a little over 100k on our house. We can easily afford the 15 year payments but everyone we talk to says it's not worth it for us to do the 15 year loan as we're only planning on staying in this home for another 6-8 years. However, I don't see why I wouldn't take the 15 year loan. With the way the economy is and the volatility of the stock market paying off the loan is a win-win "investment" in my eyes.
Just checking to see if anyone has any input on this.
Oh, and if anyone has a magic 8-ball what are your predictions as far as mortgage rates go over the next 1-2 years? A few weeks ago we locked in at the perfect moment when we got 5.375. Right now with my bank they're over 6% in less than a month.