Mortgage Refinancing and the Concentration of Mortgage Coupons
6 Pages Posted: 28 Jun 2007
Because of the concentrated distribution of interest rates on outstanding mortgages, modest interest rate declines in 1997 and 1998 made refinancing a smart choice for a record number of homeowners. In addition, the strong economy and the age of mortgage loans likely contributed to the surge in refinancing activity.
Keywords: mortgage prepayment refinancing
JEL Classification: G21
Suggested Citation: Suggested Citation
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By Guy Debelle