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My first post here. Wanted to get opinions/feedback on the following scenario:

Annual Income --appox 50k
Mortgage amt after current refi (and now with 20% equity)-97K
Filing Status --Single, no other deductions

I currently have Fixed 30yr rate of 5.875% with PITI totalling about $730. Don't know the exact figure. Am thinking of refinancing to 5/1 ARM at probably 4% interest with 0 points and cost with ING Direct.

My question is will I lose the itemized tax deduction benefit since my interest paid will be lower and I may end up with taking the Single Deduction? I don't remember what the threshold is for Singles. Feedback will be appreciated.
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