mortgage contract designs that more directly pass through interest rate declines to borrowers can reduce racial mortgage …

mortgage contract, in which differences in the borrower and the lender's risk preference jointly determine the equilibrium … commercial mortgage data provide generally supporting evidence for the predictions, and the evidence on counter-cyclical leverage …

We offer a continuous-time contingent claims valuation framework to quantify the tax shield value of US mortgage … MID, and discuss the implications for optimal mortgage purchase decisions. The model provides insights regarding the … relationship between the effective MID and a set of underlying variables, including income level, house price, mortgage size, and …

Long-term fixed-rate mortgage contracts protect households against interest rate risk, yet most countries have … fixation length tracks the life-cycle decline of credit risk in the mortgage market: the loan-to-value (LTV) ratio decreases … using shorter-term contracts. To quantify demand for long-term contracts, I develop a life-cycle model of optimal mortgage …

interest rates. It shows that borrowers who deduct mortgage interest payments pay an interest rate that is on average 11 …

We study the impact of rising mortgage rates on mobility and labor reallocation. Using individual-level credit record … data and variation in the timing of mortgage origination, we show that a 1 p.p. decline in mortgage rate deltas (Δr …), measured as the difference between the mortgage rate locked in at purchase and the current market rate, reduces moving rates by …