Americans Are Paying Off Their Mortgages At An Alarming Rate

05.16.11 | Sarah Harnisch

More Americans are paying off their mortgages at an alarming rate.  "U.S.A. Today" has the story plastered on their front cover this morning: "Mortgage Debt Falls At Record Pace." Low interest rates, defaults and refinancings have shaved more then 100-billion-dollars off the nation's annual mortgage bill-- an amount equal to every check sent out this year for unemployment benefits. Homeowners have trimmed interest payments by 11-percent, with the average interest rate of 5.96 percent. And, for the first time since 1998, homeowners are saving more then they're spending on mortgage interest.