The relationship between the mortgage interest rate and a household's demand for mortgage debt has important … novel estimates of the interest rate elasticity of mortgage demand. Our empirical strategy exploits a discrete jump in … Freddie Mac. This discontinuity creates a large "notch" in the intertemporal budget constraint of prospective mortgage …

Past research argues that changes in adjustable-rate mortgage (ARM) payments may lead households to cut back on … constrained. Although the demographic and financial characteristics of ARM and fixed-rate mortgage (FRM) borrowers are quite …

mortgage rates. The Federal Reserve's accumulation of MBS and Treasury securities lowered MBS yields and mortgage rates by more … turn significantly lower mortgage rates …

This paper examines whether monetary policy pass-through to mortgage interest rates affects household fertility … 2 percent. In aggregate, this pass-through of accommodative monetary policy to mortgage rates was sufficiently large to … new evidence on the nature of monetary policy transmission to households and suggest a new mechanism via which mortgage …

equilibrium mortgage loan terms in the period from 2003 to 2007. The technique is designed to eliminate sources of bias that may …

equilibrium mortgage loan terms in the period from 2003 to 2007. The technique is designed to eliminate sources of bias that may …

We test for racial discrimination in the prices charged by mortgage lenders. We construct a unique dataset where we … observe all three dimensions of a mortgage's price: the interest rate, discount points, and fees. While we find statistically …

The 30-year fixed-rate fully amortizing mortgage (or "traditional fixed-rate mortgage") was a substantial innovation … accumulation, many lenders require large down payments. Second, in each monthly mortgage payment, homeowners substantially …, refinancing mortgages is often very costly. We propose a new fixed-rate mortgage, called the Fixed-Payment-COFI mortgage (or …

We present a dynamic structural model of subprime adjustable-rate mortgage (ARM) borrowers making payment decisions … the model using unique data sets that contain information on borrowers' mortgage payment history, their broad balance … the delinquency rates. We find that automatic modification mortgage designs under which the monthly payment or the …

We present evidence that binding mortgage processing capacity constraints reduce mortgage originations to borrowers of … low to modest credit quality. Mortgage processing capacity constraints typically bind when the demand for mortgage … refinancing shifts outward, usually because of lower mortgage rates. As a result, high capacity utilization leads mortgage lenders …