significantly (especially on durable goods) but outright home-owners do not. While the dollar change in mortgage payments is nearly …

the aggregate response of consumption to interest rates is driven by households with a mortgage. Outright home owners do …

This paper documents large differences in mortgage prepayment behavior across racial and ethnic groups in the United … combines administrative data on mortgage performance with information on race and ethnicity, we show that Black and Hispanic … periods of low mortgage rates and high refinance volumes. From 2010 to 2014, Black borrowers were paying 30 to 45 basis points …