I’m 66 and have $47,000 left in my 30-year mortgage. I’ll be 90 when it’s paid off. Should I refinance to a 15-year fixed?
My interest rate is 3%, and it’s a 30-year fixed-rate mortgage. Looking at current mortgage rates, I’d say you’re better off not refinancing your 30-year fixed mortgage. You’ve snagged a historically low interest rate, which we may not see again for years.