US Mortgage Payoff Strategy Matters Now

In the US, ~1 in 4 mortgage borrowers made extra principal payments over the past 5 yr, showing how common it is to accelerate payoff.
Experts said paying extra may matter less on low-rate loans, especially when higher-rate debts like credit cards or personal loans are costing more.
For the 1 in 5 borrowers with mortgage rates over ~6%, extra principal payments can make more financial sense than for homeowners below ~4%.
Homeowners considering faster payoff had three options: monthly extra principal, a lump-sum recast that lowers payments, or refinancing into a shorter term.
In the current US market, refinancing looks less attractive with 30-yr fixed rates near 7%, so paying more monthly may be simpler.