Rising interest rates can create “mortgage rate lock” for homeowners with fixed rate mortgages, who can hold onto their low rates as long as they stay in their homes but would have to take on new mortgages with higher rates if they moved. We show mobility rates fell in 2022 and 2023 for homeowners with mortgages, as market rates rose. We observe both absolute declines and declines relative to homeowners without mortgages, who are unaffected by mortgage rate lock. Mobility declines are not explained by changes in home values. Overall, our estimates imply that rising interest rates reduced mobility in 2022 and 2023 for households with mortgages by 16% and caused $20bn of deadweight loss.

中文翻译：

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家庭流动性和抵押贷款利率锁定


利率上升可能会为拥有固定利率抵押贷款的房主造成“抵押贷款利率锁定”，只要他们呆在家里，他们就可以保持低利率，但如果他们搬家，将不得不接受利率更高的新抵押贷款。我们显示，随着市场利率上升，有抵押贷款的房主的流动性在 2022 年和 2023 年有所下降。我们观察到绝对下降和相对于没有抵押贷款的房主的下降，他们不受抵押贷款利率锁定的影响。流动性下降不能用房屋价值的变化来解释。总体而言，我们的估计表明，利率上升使 2022 年和 2023 年抵押贷款家庭的流动性减少了 16%，并造成了 200 亿美元的无谓损失。