The debate on tax reform is starting to heat up with various proposals being debated, and many policies are being considered for the chopping block. One of them is the mortgage interest deduction. I’ve covered the previous research before, which shows the deduction doesn’t increase homeownership, and now a new paper sheds further light on the losers and winners from this subsidy.
The mortgage interest deduction: winners and losers
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Refinance activity is up 27%, but higher mortgage rates have pumped the brakes
CoreLogic data illustrates the limited potential for refinances as about 80% of current U.S. mortgage holders have rates below 5%.
