Obama's Refinancing equals Tax Cut Statement - Not Quite True

President Obama's assertion to homeowners that refinancing their mortgage loans now with interest rates at a near-record low equates to a tax cut isn't that cut and dried, according to tax analysts.

Obama said at his third press conference last month that the housing plan his administration has launched has "already contributed to a spike in the number of homeowners who are refinancing their mortgages, which is the equivalent of another tax cut."

But tax analysts told FOXNews.com that lower mortgage rates actually reduces tax savings.

"While there could be overall savings by refinancing and lower monthly payments, there also could be reduced tax benefits as less interest is paid," said Gil Charney, an analyst for The Tax Institute at H&R Block. - FOX News Story