Lower interest deduction better for deficit?


Thirty-year mortgages at 4 1/2 percent require much less in monthly interest payments than do similar loans at 5 1/2 percent or 6 percent. Millions of homeowners who had been paying even higher rates than that have refinanced in the past year – the combined effect of which has been to reduce the estimated amounts of interest being written off now and for the next couple of years at least.

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