Home > Blogs > Bill Ladewig > Bill Ladewig's Blog

Congress Wants to Take Away Your Mortgage Deduction

By Bill Ladewig

Mortgage and Lending with LoanOfficerSchool.com NMLS 291249

June 26, 2012 11:40 PM

DailyMORTGAGE LOCK ADVISORY

June 27, 2012, 6:45am PST

Click for Lock Advice Updated Several Times Daily

7 day Mortgage Interest Rate lock or Float Advice: FLOAT

Mortgage Points based on 3.5% Mortgage Backed Securities are down 0.03 point.

30 Day Mortgage Interest Rate Lock or Float Advice: LOCK.

Rates could easily move higher or lower, but given the nearness to all time lows, there's generally more risk than reward regarding floating so my advice is to lock.

MORTGAGE MARKET INDICATORS

National Average Fixed Rate Mortgage 3.66%
MBS (3.5%) - 105.03, High: 105.08, Low: 104.97
DJI Stocks currently $12,578.87, Up $44.2, Change 0.351%
Asian & European Stock Market Indexes Up 0.674%
Nymex Crude Oil Currently $79.65 Up $0.29
Gold 1 Once - $1,574.84

MORTGAGE NEWS BRIEFS

NOTE TO READERS - This article is absolute BS. But you need to read it because your legislators will attempt to use this type of thinking to do away with your Mortgage Interest Rate deduction. If you sit tight and do nothing they will take it away! You need to be angry and contact your legislators. You also must be aware that academic hacks exist happy to justify any result for pay.

Who Really Benefits from the Mortgage Interest Deduction?
A recent article in Public Finance Review reports on a study of the impact of the federal mortgage interest deduction (MID) not on homebuyer behavior, but rather on interest rates. The study, conducted by Andrew Hanson of the Department of Economics, Georgia State University, found that it may be mortgage lenders rather than homeowners who are benefitting from the perk.>> Read More Mortgage News Daily

Re-Blog

Comments(3)

Comment

Show All Comments

Sort:

Raymond E. Camp

Ontario, NY

As we do not have enough work for the legislators to do they have to justify how to bring in more money to spend and pad their pockets.

Make yourself a great day

Jun 26, 2012 11:45 PM

Randy Ostrander

Lake and Lodge Realty LLC - Big Rapids, MI

Real Estate Broker, Serving Big Rapids and West Central MI

Good morning Bill. Seems like our Goverment spends way too much time tweaking things that aren't broke and not enough time looking at what will happen after they throw a patch on it. Yikes.

Jun 26, 2012 11:57 PM

Dave Sullivan

Real Estate One - Birmingham, MI

Michigan Realtor with an investor viewpoint

Excellent information I will forward it if that is ok? thank you!!!

Nov 08, 2012 12:44 AM

Congress Wants to Take Away Your Mortgage Deduction

Comments(3)

Bill Ladewig

Service Areas

Real Estate Resources

Recent Posts

Additional Information