Mortgage refinancing and the concentration of mortgage coupons

Bennett, Paul; Keane, Frank M.; Mosser, Patricia C.

Journal Article

Mortgage refinancing and the concentration of mortgage coupons

Abstract: 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: Interest rates; Housing - Finance; Mortgages;