My mortgages are all at floating rates. The most recent fixings have been at rates of 4.5%, 4.3% and 3.9%. In mid year most of the fixings were at or around the 5% mark. The 3.9% is very cheap money, being lower than the net yield on properties and, after adjusting for tax, is probably not far away from the genuine rate of inflation - meaning that the real cost of funds is getting close to zero.
There really is very little incentive to pay of debt early and, so long as I remain confident that asset values will rise in at least nominal terms over the medium term, considerable incentive to use leverage when investing.
Of course, the sharp declines in a number of stock markets today is as good a warning against the perils of over gearing as any.