The Economy

Article

How Mortgage Lock-In Affects the Price of Housing

Economic Insights — There has never been such a huge gap between the rate homeowners pay on their current mortgage and the going rate for new mortgages. This has big implications for the housing market.

Featured Work

Mortgage Markets

Working Paper

Precision Without Labels: Detecting Cross-Applicants in Mortgage Data Using Unsupervised Learning

WP 25-25 – We develop an algorithm to detect loan applicants who submit multiple applications in a loan-level dataset without personal identifiers. Our method detects applicants that submit multiple mortgage applications with 92.3 percent precision.

Mortgage Markets

Working Paper

Recurring-Payment Sensitivity in Household Borrowing

WP 25-22 – This paper provides evidence of payment sensitivity in household borrowing decisions: Mortgage borrowers respond to the size of the recurring payment as opposed to discounted total loan costs when choosing between loan options.

Mortgage Markets

Conference Summary

Workshop on Changing Demographics and Housing Demand

On October 24 and 25, 2024, the Federal Reserve Bank of Philadelphia’s Consumer Finance Institute (CFI) and Fannie Mae’s Economic and Strategic Research Group (ESR) cohosted a hybrid conference on the topic of changing U.S. population demographics and their influence on housing demand and housing finance.