Mortgage Lock-In, Mobility, and Labor Reallocation

IF 7.6 1区经济学 Q1 BUSINESS, FINANCE

Journal of Finance Pub Date : 2024-10-20 DOI:10.1111/jofi.13398

JULIA FONSECA, LU LIU

引用次数: 0

Abstract

We study the impact of rising mortgage rates on mobility and labor reallocation. Using individual-level credit record data and variation in the timing of mortgage origination, we show that a 1 percentage point decline in the difference between mortgage rates locked in at origination and current rates reduces moving by 9% overall and 16% between 2022 and 2024, and this relationship is asymmetric. Mortgage lock-in also dampens flows in and out of self-employment and the responsiveness to shocks to nearby employment opportunities that require moving, measured as wage growth within a 50- to 150-mile ring and instrumented with a shift-share instrument.

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抵押锁定、流动性和劳动力重新分配

我们研究了抵押贷款利率上升对流动性和劳动力重新配置的影响。利用个人层面的信用记录数据和抵押贷款发放时间的变化，我们发现，发放时锁定的抵押贷款利率与当前利率之间的差值每下降 1 个百分点，就会使总体流动率降低 9%，在 2022 年至 2024 年期间降低 16%，而且这种关系是非对称的。抵押贷款锁定还抑制了自雇人员的流入和流出，以及对需要搬迁的附近就业机会冲击的反应能力，附近就业机会以 50 到 150 英里范围内的工资增长来衡量，并使用轮班份额工具来衡量。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Finance Multiple-

CiteScore

12.90

自引率

2.50%

发文量

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