This paper studies how tightening monetary policy transmits to the economy through the mortgage market and sheds new light on the distributional consequences at both individual and regional levels. We specifically examine the sharp increase in mortgage interest rates during 2022 and 2023. We find that almost all of the decline in mortgages compared to prior years was concentrated in loans that would have had a debt-to-income (DTI) ratio above underwriting thresholds. These effects are even more pronounced for minority and middle-income borrowers. Additionally, regions more affected by the thresholds exhibited greater reductions in mortgage originations, house prices, and consumption.

中文翻译：

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货币政策紧缩的信贷供给渠道及其分配影响


本文研究了紧缩的货币政策如何通过抵押贷款市场传导至经济，并为个人和地区层面的分配后果提供了新的线索。我们专门研究了 2022 年和 2023 年抵押贷款利率的急剧上升。我们发现，与前几年相比，抵押贷款的几乎所有下降都集中在债务与收入 (DTI) 比率高于承保阈值的贷款上。这些影响对于少数族裔和中等收入借款人来说更为明显。此外，受门槛影响较大的地区抵押贷款发放、房价和消费下降幅度更大。