Failure to refinance /

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Bibliographic Details
Author / Creator:	Keys, Benjamin J., author.
Imprint:	[Chicago, Illinois] : Law School, University of Chicago, 2014. ©2014
Description:	1 online resource (35 pages : illustrated).
Language:	English
Series:	Kreisman working paper on housing law and policy ; no. 11 Kreisman working paper on housing law and policy ; no. 11.
Subject:	Mortgage loans -- Refinancing -- United States -- Econometric models. Housing -- United States -- Finance -- Econometric models. Housing -- Finance -- Econometric models. Mortgage loans -- Refinancing -- Econometric models. United States.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/10083794

Hidden Bibliographic Details
Other authors / contributors:	Pope, Devin Garett, author. Pope, Jaren C., author.
Notes:	"August 2014." Includes bibliographical references. Title from online title page (viewed October 8, 2014).
Summary:	"Households that fail to refinance their mortgage when interest rates decline can lose out on substantial savings. Based on a large random sample of outstanding U.S. mortgages in December of 2010, we estimate that approximately 20% of households for whom refinancing would be optimal and who appeared unconstrained to do so, had not taken advantage of the lower rates. We estimate the present-discounted cost to the median household who fails to refinance to be approximately 11,500 dollars, making this a particularly large consumer financial mistake. To shed light on possible mechanisms and corroborate our main findings, we also provide results from a mail campaign targeted at a sample of homeowners that could benefit from refinancing."

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