Not Cashing In on Cashing Out: An Analysis of Low Cash-Out Refinance Rates
Author
Abstract
Suggested Citation
DOI: 10.21799/frbp.wp.2023.04
Download full text from publisher
References listed on IDEAS
- Lochner, L. & Monge-Naranjo, A., 2016. "Student Loans and Repayment," Handbook of the Economics of Education,, Elsevier.
- Lance Lochner & Todd Stinebrickner & Utku Suleymanoglu, 2021.
"Parental Support, Savings, and Student Loan Repayment,"
American Economic Journal: Economic Policy, American Economic Association, vol. 13(1), pages 329-371, February.
- Lance Lochner & Todd Stinebrickner & Utku Suleymanoglu, 2018. "Parental Support, Savings and Student Loan Repayment," University of Western Ontario, Centre for Human Capital and Productivity (CHCP) Working Papers 20182, University of Western Ontario, Centre for Human Capital and Productivity (CHCP).
- Lance Lochner & Todd Stinebrickner & Utku Suleymanoglu, 2018. "Parental Support, Savings and Student Loan Repayment," NBER Working Papers 24863, National Bureau of Economic Research, Inc.
- Lance Lochner & Todd Stinebrickner & Utku Suleymanoglu, 2018. "Parental Support, Savings and Student Loan Repayment," Working Papers 2018-054, Human Capital and Economic Opportunity Working Group.
- Catherine, Sylvain & Yannelis, Constantine, 2023.
"The distributional effects of student loan forgiveness,"
Journal of Financial Economics, Elsevier, vol. 147(2), pages 297-316.
- Sylvain Catherine & Constantine Yannelis, 2020. "The Distributional Effects of Student Loan Forgiveness," Working Papers 2020-169, Becker Friedman Institute for Research In Economics.
- Sylvain Catherine & Constantine Yannelis, 2020. "The Distributional Effects of Student Loan Forgiveness," NBER Working Papers 28175, National Bureau of Economic Research, Inc.
- Keys, Benjamin J. & Pope, Devin G. & Pope, Jaren C., 2016.
"Failure to refinance,"
Journal of Financial Economics, Elsevier, vol. 122(3), pages 482-499.
- Benjamin J. Keys & Devin G. Pope & Jaren C. Pope, 2014. "Failure to Refinance," NBER Working Papers 20401, National Bureau of Economic Research, Inc.
- Steffen Andersen & John Y. Campbell & Kasper Meisner Nielsen & Tarun Ramadorai, 2020.
"Sources of Inaction in Household Finance: Evidence from the Danish Mortgage Market,"
American Economic Review, American Economic Association, vol. 110(10), pages 3184-3230, October.
- Steffen Andersen & John Y. Campbell & Kasper Meisner Nielsen & Tarun Ramadorai, 2015. "Sources of Inaction in Household Finance: Evidence from the Danish Mortgage Market," NBER Working Papers 21386, National Bureau of Economic Research, Inc.
- Gene Amromin & Neil Bhutta & Benjamin J. Keys, 2020.
"Refinancing, Monetary Policy, and the Credit Cycle,"
Annual Review of Financial Economics, Annual Reviews, vol. 12(1), pages 67-93, December.
- Gene Amromin & Neil Bhutta & Benjamin J. Keys, 2020. "Refinancing, Monetary Policy, and the Credit Cycle," NBER Working Papers 28039, National Bureau of Economic Research, Inc.
- Sumit Agarwal & John C. Driscoll & David I. Laibson, 2013.
"Optimal Mortgage Refinancing: A Closed‐Form Solution,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(4), pages 591-622, June.
- Sumit Agarwal & John C. Driscoll & David I. Laibson, 2013. "Optimal Mortgage Refinancing: A Closed-Form Solution," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(4), pages 591-622, June.
- Sumit Agarwal & John C. Driscoll & David Laibson, 2007. "Optimal Mortgage Refinancing: A Closed Form Solution," NBER Working Papers 13487, National Bureau of Economic Research, Inc.
- Sumit Agarwal & John C Driscoll & David Laibson, 2008. "Optimal Mortgage Refinancing: A Closed Form Solution," Levine's Working Paper Archive 122247000000002021, David K. Levine.
- Lauren Lambie-Hanson & Carolina Reid, 2018. "Stuck in Subprime? Examining the Barriers to Refinancing Mortgage Debt," Housing Policy Debate, Taylor & Francis Journals, vol. 28(5), pages 770-796, September.
- Michael LaCour-Little & Eric Rosenblatt & Vincent Yao, 2010. "Home Equity Extraction by Homeowners: 2000-2006," Journal of Real Estate Research, American Real Estate Society, vol. 32(1), pages 23-46.
- Agarwal, Sumit & Ben-David, Itzhak & Yao, Vincent, 2017.
"Systematic mistakes in the mortgage market and lack of financial sophistication,"
Journal of Financial Economics, Elsevier, vol. 123(1), pages 42-58.
- Agarwal, Sumit & Ben-David, Itzhak & Yao, Vincent W., 2016. "Systematic Mistakes in the Mortgage Market and Lack of FInancial Sophistication," Working Paper Series 2016-09, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Daniel Herbst, 2023. "The Impact of Income-Driven Repayment on Student Borrower Outcomes," American Economic Journal: Applied Economics, American Economic Association, vol. 15(1), pages 1-25, January.
- Anthony Pennington-Cross & Souphala Chomsisengphet, 2007.
"Subprime Refinancing: Equity Extraction and Mortgage Termination,"
Real Estate Economics,
American Real Estate and Urban Economics Association, vol. 35(2), pages 233-263, June.
- Souphala Chomsisengphet & Anthony Pennington-Cross, 2006. "Subprime refinancing: equity extraction and mortgage termination," Working Papers 2006-023, Federal Reserve Bank of St. Louis.
- Sumit Agarwal & Richard J. Rosen & Vincent Yao, 2016.
"Why Do Borrowers Make Mortgage Refinancing Mistakes?,"
Management Science, INFORMS, vol. 62(12), pages 3494-3509, December.
- Sumit Agarwal & Richard J. Rosen & Vincent W. Yao, 2013. "Why do borrowers make mortgage refinancing mistakes?," Working Paper Series WP-2013-02, Federal Reserve Bank of Chicago.
- Holger Mueller & Constantine Yannelis, 2022. "Increasing Enrollment in Income‐Driven Student Loan Repayment Plans: Evidence from the Navient Field Experiment," Journal of Finance, American Finance Association, vol. 77(1), pages 367-402, February.
- Robert B. Avery & Kenneth P. Brevoort & Glenn B. Canner, 2007. "Opportunities and Issues in Using HMDA Data," Journal of Real Estate Research, American Real Estate Society, vol. 29(4), pages 351-380.
- repec:mcb:jmoncb:v:45:y:2013:i::p:591-622 is not listed on IDEAS
- Donghoon Lee & Wilbert Van der Klaauw, 2010. "An introduction to the FRBNY Consumer Credit Panel," Staff Reports 479, Federal Reserve Bank of New York.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Chung, Sol & Agnew, Julie & Bateman, Hazel & Eckert, Christine & Liu, Junhao & Thorp, Susan, 2024. "The impact of mortgage broker use on borrower confusion and preferences," Journal of Economic Behavior & Organization, Elsevier, vol. 224(C), pages 229-247.
- McCartney, W. Ben & Shah, Avni M., 2022. "Household mortgage refinancing decisions are neighbor influenced, especially along racial lines," Journal of Urban Economics, Elsevier, vol. 128(C).
- Erik Hembre & Stephanie Moulton & Matthew Record, 2021. "Low‐Income Homeownership and the Role of State Subsidies: A Comparative Analysis of Mortgage Outcomes," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 40(1), pages 78-106, January.
- Gerardi, Kristopher & Willen, Paul S. & Zhang, David Hao, 2023.
"Mortgage prepayment, race, and monetary policy,"
Journal of Financial Economics, Elsevier, vol. 147(3), pages 498-524.
- Kristopher Gerardi & Paul S. Willen & David Hao Zhang, 2020. "Mortgage Prepayment, Race, and Monetary Policy," FRB Atlanta Working Paper 2020-22, Federal Reserve Bank of Atlanta.
- Kristopher Gerardi & Paul S. Willen & David Hao Zhang, 2020. "Mortgage Prepayment, Race, and Monetary Policy," Working Papers 20-7, Federal Reserve Bank of Boston.
- Francisco Gomes & Michael Haliassos & Tarun Ramadorai, 2021.
"Household Finance,"
Journal of Economic Literature, American Economic Association, vol. 59(3), pages 919-1000, September.
- Haliassos, Michael & Gomes, Francisco, 2020. "Household Finance," CEPR Discussion Papers 14502, C.E.P.R. Discussion Papers.
- Gomes, Francisco J. & Haliassos, Michael & Ramadorai, Tarun, 2020. "Household finance," IMFS Working Paper Series 138, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
- Fisher, Jack & Gavazza, Alessandro & Liu, Lu & Ramadorai, Tarun & Tripathy, Jagdish, 2024.
"Refinancing cross-subsidies in the mortgage market,"
Journal of Financial Economics, Elsevier, vol. 158(C).
- Fisher, Jack & Gavazza, Alessandro & Liu, Lu & Ramadorai, Tarun & Tripathy, Jagdish, 2021. "Refinancing cross-subsidies in the mortgage market," Bank of England working papers 948, Bank of England.
- Fisher, Jack & Gavazza, Alessandro & Liu, Lu & Ramadorai, Tarun & Tripathy, Jagdish, 2024. "Refinancing cross-subsidies in the mortgage market," LSE Research Online Documents on Economics 123686, London School of Economics and Political Science, LSE Library.
- Fisher, Jack & Gavazza, Alessandro & Liu, Lu & Ramadorai, Tarun & Tripathy, Jagdish, 2022. "Refinancing Cross-Subsidies in the Mortgage Market," CEPR Discussion Papers 17491, C.E.P.R. Discussion Papers.
- Olafsson, Arna & Gathergood, John, 2020.
"The Co-holding Puzzle: New Evidence from Transaction-Level Data,"
CEPR Discussion Papers
14799, C.E.P.R. Discussion Papers.
- John Gathergood & Arna Olafsson, 2022. "The Co-holding Puzzle: New Evidence from Transactional-Level Data," Discussion Papers 2022-18, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
- Sumit Agarwal & Artashes Karapetyan, 2022. "Information Salience and Mispricing in Housing," Management Science, INFORMS, vol. 68(12), pages 9082-9106, December.
- Marta Cota & Ante Sterc, 2024. "Financial Skills and Search in the Mortgage Market," CERGE-EI Working Papers wp780, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
- Bajo, Emanuele & Barbi, Massimiliano, 2018. "Financial illiteracy and mortgage refinancing decisions," Journal of Banking & Finance, Elsevier, vol. 94(C), pages 279-296.
- Malmendier, Ulrike M. & Botsch, Matthew J., 2020. "The Long Shadows of the Great Inflation: Evidence from Residential Mortgages," CEPR Discussion Papers 14934, C.E.P.R. Discussion Papers.
- Adams, Paul & Hunt, Stefan & Palmer, Christopher & Zaliauskas, Redis, 2021. "Testing the effectiveness of consumer financial disclosure: Experimental evidence from savings accounts," Journal of Financial Economics, Elsevier, vol. 141(1), pages 122-147.
- Madeira, Carlos, 2021.
"The potential impact of financial portability measures on mortgage refinancing: Evidence from Chile,"
Journal of International Money and Finance, Elsevier, vol. 117(C).
- Carlos Madeira, 2020. "The potential impact of financial portability measures on mortgage refinancing: Evidence from Chile," Working Papers Central Bank of Chile 894, Central Bank of Chile.
- Grant, Andrew & Kalev, Petko S. & Subrahmanyam, Avanidhar & Joakim Westerholm, P., 2022. "Retail trading activity and major lifecycle events: The case of divorce," Journal of Banking & Finance, Elsevier, vol. 135(C).
- Agarwal, Sumit & Ben-David, Itzhak & Yao, Vincent, 2017.
"Systematic mistakes in the mortgage market and lack of financial sophistication,"
Journal of Financial Economics, Elsevier, vol. 123(1), pages 42-58.
- Agarwal, Sumit & Ben-David, Itzhak & Yao, Vincent W., 2016. "Systematic Mistakes in the Mortgage Market and Lack of FInancial Sophistication," Working Paper Series 2016-09, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Lukas, M. & Nöth, M., 2019. "Interest rate changes and borrower search behavior," Journal of Economic Behavior & Organization, Elsevier, vol. 163(C), pages 172-189.
- Luong, Thi Mai & Scheule, Harald, 2022. "Benchmarking forecast approaches for mortgage credit risk for forward periods," European Journal of Operational Research, Elsevier, vol. 299(2), pages 750-767.
- Ghoddusi, Hamed & Afkhami, Mohamad, 2019. "Valuation of mortgage interest deductibility under uncertainty: An option pricing approach," Journal of Economic Dynamics and Control, Elsevier, vol. 103(C), pages 102-122.
- John Y. Campbell & Nuno Clara & João F. Cocco, 2021.
"Structuring Mortgages for Macroeconomic Stability,"
Journal of Finance, American Finance Association, vol. 76(5), pages 2525-2576, October.
- John Y. Campbell & Nuno Clara & João F. Cocco, 2020. "Structuring Mortgages for Macroeconomic Stability," NBER Working Papers 27676, National Bureau of Economic Research, Inc.
- Thi Mai Luong, 2020. "Selection Effects of Lender and Borrower Choices on Risk Measurement, Management and Prudential Regulation," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 3-2020, January-A.
More about this item
Keywords
mortgage refinancing; cash-out refinancing; student loans; cash-out surcharge; household finance;All these keywords.
JEL classification:
- D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
- G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
- G40 - Financial Economics - - Behavioral Finance - - - General
- G53 - Financial Economics - - Household Finance - - - Financial Literacy
NEP fields
This paper has been announced in the following NEP Reports:- NEP-URE-2023-09-25 (Urban and Real Estate Economics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedpwp:95751. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Beth Paul (email available below). General contact details of provider: https://edirc.repec.org/data/frbphus.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.