Do Borrowers Make Rational Choices on Points and Refinancing?
利用个人抵押贷款数据，研究发现选择支付点数（points）的借款人再融资可能性更低，且再融资耗时更长，支持了高再融资成本借款人选择高点数低利率贷款的分离均衡理论。
Utilizing individual mortgage data, we find that borrowers with points are less likely to refinance, and when they do, they take longer to refinance. This finding supports the separating equilibrium prediction of earlier studies that borrowers with higher (lower) refinancing costs self‐select into mortgages with higher‐point/lower‐rate (lower‐point/higher‐rate) loans.