Just a general concept, not to be complicated by your original question…

Given the opportunity to buy something, would you rather pay for it today OR finance it at 3%.

It becomes a question of whether or not you have something better to do with the money and/or your
projection of the future value of that money.

Some people buy stocks just for the dividends. (I do not advocate this) They can get 3%-10% today (with risk)

The idea that ‘cash is king’ has never been truer.
I have seen multiple situations of people who had 15yr mortgages and got themselves into trouble because of it. They were only focused on a lower interest rate.

They made the higher payments for a few years and gave up extra cash vs. a 30yr payment.

They lost jobs/income and could no longer afford their 15yr payment.
If they had a lower 30yr payment and had saved the difference, they would have been able to continue making lower payments. 4yrs worth of 15yr payments is about 6 yrs worth of 30yr payments.

Unable to make payments, they cannot qualify for a refi and are faced with selling or foreclosure, even if they have equity.

It’s not a matter of right/wrong, but understanding the big picture and projecting
what will work for you.

Most importantly do you have something better to do with the money AND your comfort with the concept of debt and using ‘other peoples money’

I have seen some people do some pretty crazy things with money that they thought made sense.