-to-value levels and permissive mortgage approvals. We revisit the standard user cost model of housing prices and conclude that the …

and rising mortgage interest rates on household mobility. We find that both factors lead to lower, not higher, mobility … misplaced. It does indicate that, in the past, the mortgage lock-in effects of these two factors were dominant over time …. Policymakers may wish to begin considering the consequences of mortgage lock-in and reduced household mobility because they are …