Mortgage Interest Rate Increase

My Mortgage rate with BOI has now increased (variable). Is it now time to pay off mortgage by amount in savings as rate of savings is less than mortgage rate?

If the cost of debt/mortgage is less than the payment from savings then yes you should pay off your mortgage before saving.

fungus said:

If the cost of debt/mortgage is less than the payment from savings then yes you should pay off your mortgage before saving.

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I have some savings and could pay 25,000 off of my 165000 mortgage. However,I would see myself letting my current home eventually,maybe in 3 or 4 years.In this scenario,should I avoid paying extra off the mortgage, for future tax purposes as 75% of mortgage interest deductable from rental income.I think it is a no brainer not to pay extra off my mortgage but maybe I am wrong?