Yes. Since the first home was purchased (I would imagine) before December 23, 2017, it has the grandfathered-in provision of a $1,000,000 limit for determining deductible mortgage interest. The new home purchased after that date falls under the new $750,000 limitation. If your new home mortgage was more than $750,000 of acquisition debt, the deductible portion of your interest will be phased-down in proportion to how much over the $750,000 limitation your loan is. (You will be able to claim a percentage of the mortgage interest but not all of it).
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