The Structural Relation Between Mortgage and Market Interest Rates
分析一级和二级抵押贷款市场与短期和长期市场利率之间的动态关系，发现住宅抵押贷款利率主要跟随长期利率，对短期利率变动不敏感。
This paper analyzes the dynamic relationship between primary and secondary mortgage markets and the short‐term and long‐term market interest rates. Using a series of monthly data on fixed rate mortgage rates and GNMA rates, we explore the dependence and speed of adjustment in these primary and secondary mortgage rates to each other as well as to the long and short‐term government rates. The results indicate that residential mortgage rates in general, appear to follow the long‐term rate and are not very sensitive to movements in the short‐term interest rate.