Household mobility and mortgage rate lock

IF 10.4 1区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Economics Pub Date : 2024-12-12 DOI:10.1016/j.jfineco.2024.103973

Jack Liebersohn, Jesse Rothstein

引用次数: 0

Abstract

Rising interest rates can create “mortgage rate lock” for homeowners with fixed rate mortgages, who can hold onto their low rates as long as they stay in their homes but would have to take on new mortgages with higher rates if they moved. We show mobility rates fell in 2022 and 2023 for homeowners with mortgages, as market rates rose. We observe both absolute declines and declines relative to homeowners without mortgages, who are unaffected by mortgage rate lock. Mobility declines are not explained by changes in home values. Overall, our estimates imply that rising interest rates reduced mobility in 2022 and 2023 for households with mortgages by 16% and caused $20bn of deadweight loss.

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利率上升会给持有固定利率抵押贷款的房主带来 "抵押贷款利率锁定"，只要他们还住在自己的房子里，就可以保持低利率，但如果他们搬家，就必须接受利率更高的新抵押贷款。我们发现，随着市场利率的上升，2022 年和 2023 年持有抵押贷款的房主的流动率有所下降。我们既观察到了绝对的下降，也观察到了相对于无抵押贷款房主的下降，因为无抵押贷款房主不受抵押贷款利率锁定的影响。房屋价值的变化无法解释流动性下降的原因。总体而言，我们的估计意味着利率上升使 2022 年和 2023 年有抵押贷款家庭的流动性下降了 16%，并造成了 200 亿美元的死重损失。

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 Financial Economics Multiple-

CiteScore

15.80

自引率

4.50%

发文量

192

审稿时长

37 days

期刊介绍： The Journal of Financial Economics provides a specialized forum for the publication of research in the area of financial economics and the theory of the firm, placing primary emphasis on the highest quality analytical, empirical, and clinical contributions in the following major areas: capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations.