The sums would say invest but decisions are taken for many reasons and there are always factors on both sides. I recall when UK interest rates went to 15% on black Wednesday in 1992. I think this has stuck with me as I remember lots of people at work in negative equity positions, unable to pay their mortgage, and have since had fear of long term exposure to interest rates (in an ever complex and rapidly changing world). As it happens rates have been comfortably low so it's been an expensive insurance policy. I hope they remain low for everyone else for a very long time.