Mortgage interest rates have an enormous impact on home values, and can drive up property prices by as much as 25 percent by altering the perceived affordability.
Currently, low interest rates and limited inventory have created an ideal environment for home sellers in some parts of the County.
For inome tax savings:
Mortgage Interest Deduction —
The new tax reform reduces the limit on deductible mortgage debt to $750,000 for new loan taken out after Dec.14, 2017.
For loans up to $1 million taken out before Dec.14, 2017, are grandfathered and are not subject to the new $750,000 cap.
Interest is still deductible on home equity loans if the proceeds are used to substantially improve the residence.