Do Borrowers Make Rational Choices on Points and Refinancing?

被引：16

作者：

Chang, Yan ^{[1
]}

Yavas, Abdullah ^{[2
]}

机构：

[1] Freddie Mac, Mclean, VA 22102 USA

[2] Univ Wisconsin, Sch Business, Madison, WI 53706 USA

来源：

REAL ESTATE ECONOMICS | 2009年 / 37卷 / 04期

关键词：

MORTGAGE TERMINATIONS; INTEREST-RATES; PREPAYMENT; DEFAULT; HETEROGENEITY; CONSTRAINTS; VALUATION; SALE;

D O I：

10.1111/j.1540-6229.2009.00258.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Utilizing individual mortgage data, we find that borrowers with points are less likely to refinance, and when they do, they take longer to refinance. This finding supports the separating equilibrium prediction of earlier studies that borrowers with higher (lower) refinancing costs self-select into mortgages with higher-point/lower-rate (lower-point/higher-rate) loans.

引用

页码：635 / 658

页数：24

共 31 条

[1]

Anderson R., 1999, J REAL ESTATE RES, V18, P279

[2] The effect of income and collateral constraints on residential mortgage terminations [J].