Currently yes, if you are making over $357,000 and are being taxed at 35%, you can deduct your Mortgage Interest against the top of your income. However, there is currently a big push for the government to cap those in the 33% or higher tax bracket, to only being able to write off the mortgage interest against lower tax bracket.

Sounds confusing, I know, but since not all your income is taxed at the same rate, by only allowing the money to be deducted against a max of say the 25% bracket instead of the 33% bracket, results in a higher tax base for the individual and less savings.  

More than likely this will only affect the wealthy, if this law is enacted it should only effect those making more than $167,000.