Mortgage Refinancing and the Concentration of Mortgage Coupons

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Current Issues in Economics and Finance

Mortgage Refinancing and the Concentration of Mortgage Coupons

March 1999 Volume 5, Number 4

JEL classification: G21

Authors: Paul Bennett, Frank Keane, and Patricia C. Mosser

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.

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