Housing and mortgage choices are among the largest financial decisions households make and they substantially impact … prices. I find that, although only a small fraction of households adjust their housing and mortgage holdings in response to …. Mortgage refinancing explains approximately four‐fifths of the contribution, whereas adjusted housing choices account for one …

mortgage lock-in over the lifecycle. We find that younger home buyers are disproportionately affected by mortgage lock … that on average mortgage lock-in reduces household listing probabilities by 21 percent to 23 percent, increases time on the …