Haensly, Paul J; Springer, Thomas M; Waller, Neil G - In: The Journal of Real Estate Finance and Economics 6 (1993) 2, pp. 157-66
In this research we use a continuous payment formula for duration to examine the price behavior of a fixed-rate level of payment mortgage. In the case where the mortgage is held to maturity, duration increases monotonically as term-to-maturity increases, regardless of changes in the market rate...