Unlocking Mortgage Lock-In: Equilibrium Effects in a Spatial Housing Ladder Model
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Mortgage borrowers are "locked in": forgoing moves to hold on to low rates. Lock-in reduces both housing supply, through households who do not sell, and demand, through households who do not buy elsewhere, evidenced by a 40% drop in U.S. existing home sales between 2022 and 2024. We show that
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美国国家经济研究局创建时间：
2026-05-01
