[grania]

Interest rates are tax-deductible. It really helps at the beginning of paying off a loan if the budget is tight. Besides that, a 2% difference on $150,000 is $3000, or $250 a month. It's doable. It will affect the sell price downward a bit.

Besides which, if our economy got back in line, CD savings would be paying some interest. That would help retirees, and it would be money back in local economies. It would also allow saving for future needs.

The interest rate situation now has caused a myriad of problems, and it obviously didn't help anyone but the bankers.

[tbw2]

However, there have been Democratic proposals to eliminate the mortgage interest deduction, because it favors the “wealthy”, discriminates against renters, and Canada has a comparable home ownership rate without it.