We document the emergence of a disconnect between mortgage and Treasury interest rates in the summer of 2003. Following … the end of the Federal Reserve expansionary cycle in June 2003, mortgage rates failed to rise according to their … historical relationship with Treasury yields, leading to significantly and persistently easier mortgage credit conditions. We …

depends not just on their current level but also on their previous path. Using a household model of mortgage prepayment …

in total mortgage issuance. Using a nine-country panel and instrumental variables methods, we present evidence that near …-term (one-year) rational expectations of future movements in ARM rates do affect mortgage choice, particularly in more recent …

We present evidence that high concentration in local mortgage lending reduces the sensitivity of mortgage rates and … refinancing activity to mortgage-backed security (MBS) yields. A decrease in MBS yields is typically associated with greater … refinancing activity and lower rates on new mortgages. However, this effect is dampened in counties with concentrated mortgage …

that (a) mortgage-backed securities purchases in QE1 were crucial for lowering mortgage-backed security yields as well as … on Treasuries and Agencies relative to mortgage-backed securities and corporates, with yields on the latter falling …

We document the portfolio activity of federal housing agencies and provide evidence on its impact on mortgage markets … in agency mortgage holdings. Based on those regulatory events that we classify as unrelated to short-run cyclical or … credit market shocks, we find that an increase in mortgage purchases by the agencies boosts mortgage lending, in particular …

Elasticity of Intertemporal Substitution (EIS). In the UK, the mortgage interest rate features discrete jumps – notches – at …

constraints in the mortgage market. This view on the fundamental drivers of the boom is consistent with four empirical … fall in mortgage rates. These facts are difficult to reconcile with the popular view that attributes the housing boom to …

This paper uses the universe of mortgage contracts to estimate the response of high-interest lenders to borrower …-interest lenders prefer to issue obfuscatory mortgage contracts with lower interest rates rather than more transparent and regulated …

We assess the credit market impact of allowing mortgage "strip-down"--that is, reducing the principal of underwater … provided by a series of U.S. Circuit Court of Appeals decisions in the early 1990's that introduced mortgage strip-down in … Court decision led to a short-term reduction of 3% in mortgage interest rates and a short-term increase of 1% in mortgage …