mortgage update

[callmeslick]

now,as today mortgage rates hit a 10 year high or some such, we discover that writing them off taxes might be on the chopping block. How's this working out for you, again???(disclaimer, I hold no mortgage, so won't affect me either way).
http://www.msn.com/en-us/money/realesta ... li=BBnbfcN

[Herculosis]

Did you even READ that article, or just the BS attention-grab headline?

Beyond the fact that the author clearly can't do math, it's a pretty big jump from the "plan" on the table to "mortgage interest deduction on the chopping block".

The plan would limit TOTAL itemized deductions to $100K (individual) or $200K (married). Yes, if you have a HUGE (by normal person's standards) total of IDs, one could say that MI deductibility is limited. I'm guessing, though, that the list of folks that frequent the board and that would be affected by that would most likely be nada (or maybe 1?). I guess that in a world where one gets to combine big-time wealth with subsidized health insurance premiums, trying to scare the underlings about how bad things are going to be makes sense, no?

[callmeslick]

the talk is the starting point, if you do the back research on the folks uttering it. His new Treasury pick sort of believes in the notion of elimination of deductions and cutting overall rates. A tax scheme that falls on the least able to handle it. We'll see, but keep watching where the tax plan heads, and see if it works for you.

Rates, which I alluded to, are another topic outside that of the link. Those are clearly up since the election, and that is almost solely based on 24 hours of ill timed words from candidate Trump, months ago. That could be real painful, especially for young couples, or folks trying to get out from under old higher rate mortgages.

I'll accept anyone's pronouncement that nothing has been legislated yet, but it's going to be worth some vigilance on the part of all.