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for second homes and interest paid on home equity loans would not be eligible for the credit. Taxpayers who currently own american century equity fund income 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 american century equity fund income break would gradually 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 is 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 american century equity fund income benefit defraying the cost of housing. Taxpayers who bought $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 american century equity fund income 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 american century equity fund income one-half of those borrowers who