Here is an article from Alan Kennedy’s blog, Home Mortgage Help:
Mortgage Interest Deduction allows home buyers a little perk to help offset the pain of a mortgage. In an economic atmosphere where every deduction helps, the interest paid on a home can be deducted on income taxes, helping to lower the total taxes paid. The fate of this deduction has been debated lately, and one of the most powerful proponents of the policy, the National Association of Realtors (NAR), in an op-ed piece list the merits and voice their support for the continuation of the policy.
What does this mean to the homeowner? With over one million members, the NAR was able to rank #13 in political contributions in 2012. With its influence in Washington, its voice will be heart, and the policies it endorses will be considered. This gives the mortgage interest deduction a chance of standing and offering homeowners a bit of relief. This deduction means more to new homeowners who are paying more interest early in their mortgages than those who are near the end of their loan, and perhaps offers a small incentive to those who are considering a new home.