Sticky Mortgage Rates: Some Empirical Evidence

Richard L. Haney, Jr. ()
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Richard L. Haney, Jr.: Finance Department Texas A&M University College Station, Texas 77843, http://business.tamu.edu/finc/

Journal of Real Estate Research, 1988, vol. 3, issue 1, 61-73

Abstract: Mortgage rates have long been considered to be 'sticky' rates compared to those on other capital market instruments. Using cross-spectral analysis and a more current mortgage market time series than previously available, the author documents 1) a well-functioning bond market with few lags and tight interval couplings, 2) a secondary mortgage market that appears to be fully integrated within the medium term capital markets, and 3) a primary mortgage market that evidences declining, yet persistently positive, lags behind bond market changes. Several institutional constraints are hypothesized to account for this seemingly inconsistent behavior.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1988
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Citations: View citations in EconPapers (14)

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