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Household Mobility and Mortgage Rate Lock
Open accessAbstract
Rising interest rates can create "mortgage rate lock" for homeowners with fixed rate mortgages, who can hold onto their low rates as long as they stay in their homes but would have to take on new mortgages with higher rates if they moved.We show mobility rates fell in 2022 and 2023 for homeowners with mortgages, as market rates rose.We observe both absolute declines and declines relative to homeowners without mortgages, who are unaffected by mortgage rate lock.Mobility declines are not explained by changes in home values.Overall, our estimates imply that rising interest rates reduced mobility in 2022 and 2023 for households with mortgages by 16% and caused $20 billion of deadweight loss.
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This estimate is consistent with Liebersohn and Rothstein (2024), who use our instrument and find that mortgage lock-in reduces moving by 16% between 2022 and 2023.
“This estimate is consistent withLiebersohn and Rothstein (2024), who use our instrument and find that mortgage lock-in reduces moving by 16% between 2022 and 2023.”
From Mortgage Lock‐In, Mobility, and Labor Reallocation (2024) · cites this paper as Liebersohn and Rothstein (2024)
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References 9 · Cited by 3
Metadata
- Authors
- Liebersohn, J., & Rothstein, J.
- Affiliations
- National Bureau of Economic Research (US)
- Corresponding author
- Rothstein, Jesse
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 2024-08
- OpenAlex
- W4401321047
- Cited by
- 3
- References
- 9
- Citations by year
- 2024: 3
- Type
- report
- Language
- en
- Open access
- green
- doi.org
- Locations
- National Bureau of Economic Research (publishedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Housing Market and Economics
- Social Sciences › Sociology and Political Science › Urban, Neighborhood, and Segregation Studies
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
- Keywords
- residential mobility, fixed-rate mortgages, interest rate increases, homeowners, housing market, deadweight loss, housing prices
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