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An Empirical Analysis of Residential Mortgage Refinancing Decision-Making

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  • Swati Virmani
  • Austin Murphy

Abstract

This research empirically investigates the relative optimality of several different methods of making refinancing decisions on residential mortgages. The results indicate that a simple rule of refinancing whenever the mortgage rate has dropped 1% was approximately as effective as application of an option pricing model in minimizing the cost of financing over the 1980–2007 interval.

Suggested Citation

  • Swati Virmani & Austin Murphy, 2010. "An Empirical Analysis of Residential Mortgage Refinancing Decision-Making," Journal of Housing Research, Taylor & Francis Journals, vol. 19(2), pages 129-138, January.
    • Handle: RePEc:taf:rjrhxx:v:19:y:2010:i:2:p:129-138
    DOI: 10.1080/10835547.2010.12092021
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