Here are certain hints regarding home loans mortgage quotes refinance and rates by

Homeowners Deduct Over $9,000 in Mortgage Interest

The average homeowner deducts $9,650 for mortgage interest, according to analysis released on Thursday.

The National Association of Home Builders says that 35 million taxpayers used the home-mortgage deduction in 2003, deducting $338 billion. Thirty-nine million households deducted real estate taxes for the year, which added $119 billion to homeowner tax breaks across the country.

The average homeowner deducted $3,000 in real estate taxes.

IRS data was used in the NAHB analysis. It stressed the importance of preferences in the tax code for homeowners.

"Because the mortgage interest and real estate deductions significantly reduced federal tax liabilities for homeowners, they are important tools for promoting homeownership," said Jerry Howard, chief executive officer of the association. "The report shows that millions of working families across the nation use and depend upon these important tax incentives to help them maintain their current standard of living."

Every state in the country had at least one congressional district that deducted $259 million or more in home mortgage interest and $43 million or more in real estate taxes. The average district contains approximately 80,000 taxpayers who use the mortgage interest deduction, according to the report.

Higher real estate tax deductions coincided with higher home prices and real estate tax rates. New Jersey topped the list for real estate tax deductions, with an average of $6,000 per household.

Rapidly growing populations and high housing prices were evident in areas with the highest mortgage interest deductions. California tops the list with $64.9 billion in deductions for homeowners. The state's 14th district, which includes parts of San Mateo, Santa Clara and Santa Cruz counties, had an average mortgage interest deduction of $35,000 per household in 2003.

The top ten states for mortgage interest deductions in 2003 were:

California $64.9 billion
New York $19.7 billion
Florida $17.6 billion
Texas $16 billion
Illinois $15.9 billion
New Jersey $12.9 billion
Michigan $11.5 billion
Virginia $11.3 billion
Ohio $10.9 billion
Pennsylvania $10.8 billion

Martin Lukac represents http://www.RateEmpire.com and http://www.1AmericanFinancial.com, a finance web-company specializing in real estate and mortgage rates. We specialize in daily updates, mortgage news, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies!

More Useful Resource and Updates on home loans mortgage quotes refinance and rates by

• Low hopes for new mortgage program (Standard-Examiner)
  WASHINGTON -- The government expects only 20,000 troubled borrowers will apply to refinance into more affordable home loans by next fall under a new mortgage aid program passed by lawmakers over the summer.



• Shoring up your mortgage (The Charlotte Observer)
  (By Christina Rexrode, crexrode@charlotteobserver.com) The latest trend in the housing downturn is finding ways to help struggling homeowners make their mortgage payments. The government, banks, housing counselors and other observers are all weighing in with plans for mortgage modifications, also called loan workouts. Three major programs unfurled last month by the Federal Housing ...



• US mortgage applications slump to 8-yr low (The Economic Times)
  US mortgage application demand skidded last week to an eight-year low, driven by a nearly 30 per cent slump in demand to refinance home loans as borrowing costs rose.



• Mortgage rates drop slightly in week (UPI)
  WASHINGTON, Nov. 6 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages dropped slightly in the week ending Nov. 6, the Federal Home Loan Mortgage Corp. said Thursday.



• Rams Home Loans drops mortgage rate (The West Australian)
  Rams Home Loans (Rams) has dropped the interest rate on its standard variable home loan by 60 basis points. The interest rate on Rams' standard variable home loan has dropped 0.6 percentage points to 7.59 per cent, while the interest rate on Rams' basic home loan is now 6.99 per cent.



• The Wrong Mortgage Derails a Mother?s Plans (New York Times)
  Christina Natale wanted to give her children a stable home, but what she got was a mortgage she couldn?t afford.

• Mortgages at E-LOAN.
  Home. Purchase. Apply for a Loan. Search Rates. Get Pre-qualified. Tools & Calculators. Mortgage Basics ... Mortgage Loans - Purchase Mortgage Refinance ...