We study the impact of rising mortgage rates on mobility and labor reallocation. Using individual-level credit record data and variation in the timing of mortgage origination, we show that a 1 percentage point decline in the difference between mortgage rates locked in at origination and current rates reduces moving by 9% overall and 16% between 2022 and 2024, and this relationship is asymmetric. Mortgage lock-in also dampens flows in and out of self-employment and the responsiveness to shocks to nearby employment opportunities that require moving, measured as wage growth within a 50- to 150-mile ring and instrumented with a shift-share instrument.

中文翻译：

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抵押贷款锁定、流动性和劳动力重新分配


我们研究了抵押贷款利率上升对流动性和劳动力重新分配的影响。使用个人层面的信用记录数据和抵押贷款发放时间的变化，我们表明，贷款发放时锁定的抵押贷款利率与当前利率之间的差异下降 1 个百分点，总体变动减少 9%，2022 年至 2024 年期间减少 16%，这种关系是不对称的。抵押贷款锁定还抑制了自雇人士的流入和流出，以及对附近需要搬迁的就业机会的冲击的反应，以 50 到 150 英里范围内的工资增长来衡量，并使用轮班共享工具进行检测。