| (limits) sure hope they home low mortgage rate In today`s changing economy, one professor of economics stresses the importance of consumer education. Mortgages eligible for the tax break would be limited by a formula reflecting the average regional price of housing. If in place today, that range would spread from $227,000 to $412,000. Mortgages for second homes and interest paid on home equity loans would not be eligible for the credit. Taxpayers who currently own home low mortgage rate would have five years before they had to use the new credit. During that period of transition, a taxpayer could still take a deduction but the size of the mortgage eligible for a tax break would home low mortgage rate fall. At the end of five years, everyone would be using the proposed credit. Connie Mack (search), a former Florida senator and chairman of the tax panel, said less than 5 percent of mortgages in the nation exceed the proposed cap. "It home low mortgage rate a fair plan. It shares the benefits," he said. For homeowners with a small mortgage who don't itemize their deductions, the credit means a new tax benefit defraying the cost of housing. Taxpayers who home low mortgage rate $1 million homes expecting a generous tax break could be in for a shock, said Michael Fratanponi, senior director of single family research and economics at the Mortgage Bankers Association. “Refinancing activity was strong in the third quarter, even with higher interest rates with 44 percent of new mortgage applications being submitted for refis,” said Amy Crews Cutts, Freddie In the third quarter of 2005, the median ratio of old-to-new interest rate was 1.09. In other words, one-half of those borrowers who paid off their original home low mortgage rate and took out |
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