Congress Wants to Take Away Your Mortgage Deduction

By
Real Estate Mortgage Broker NMLS 291249

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.

 

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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 

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Anonymous
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Rainmaker
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Raymond E. Camp
Licensed Real Estate Salesperson Greater Rochester
RE/MAX Plus

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

June 27, 2012 06:45 AM
Rainmaker
405,885
Randy Ostrander
Real Estate Broker, Serving Big Rapids and West Central MI
Lake and Lodge Realty LLC

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.

June 27, 2012 06:57 AM
Rainer
157,669
Dave Sullivan
The Real Story on Your Credit Score - TheCreditGuy
www.TheCreditGuy.TV

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

November 08, 2012 08:44 AM
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Rainmaker
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Bill Ladewig

Your FHA Guru - FHA and VA Loans Since 1970
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