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How is not paying off mortgage better in normal circumstances?
The reason is that although the American economy is functioning normally, mortgage rates are stupid-low, and are below a prudent expectation of long-term (30 year) rates of return in the market.   I manage endowments, so I say "prudent" in the context of endowment investment, which is the picture of caution and subject to UPMIFA law (the P being prudent).    What's more, there are tax benefits.  Yes, you pay 15% long-term capital gains tax on investment income.  But your mortgage interest is tax deductible at your "tax bracket" rate of 25, 28 or 33% - this being the tax you would pay on your next dollar of earned income.  And in the early years of a mortgage, mortgage payments are nearly 100% interest.  So even if it's a wash: you gain $10k in the market but pay $10k in mortgage interest -- you pay $1500 tax on the gains, but the interest deduction redudes tax by $2800. So you are still $1300 ahead.   TLDR: the government pays us to do this.