Tuesday, March 24, 2009 7:59:58 PM
I thought I'd point out a couple of additional things to consider in your assessments.
First, part of the decision on whether to select a 15 year or 30 year mortgage is the spread between the interest rates. Today you can get 30 loans at very nearly the same rate as a 15 year loan. Historically this is unusual.
Second, if inflation is going to go as high as some suggest, then rents will also skyrocket, whereas a mortgage payment will stay constant. If you have a secure job, your pay will likely also experience inflation, so while your house may be worth far less in old dollars, it may be very cheap for you to pay it off in future dollars.
I kind of expected the Fed to encourage inflation the last couple of years when the mortgage problems started to appear - what is an easier way to get mortages above water? Sure your house may be worth a whole lot less than you paid for it, but if the dollar declines even more, the mortage would still be above water.
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