Cost of credit, mortgage demand and house prices
利用土耳其2020年夏季国有银行抵押贷款利率下调的外生冲击，研究发现年利率每降低1个百分点，个人抵押贷款增加3.3%，房价上涨1.6%。
This paper studies the relationship between mortgage rates and house prices . We exploit a subsidized mortgage program that reduced the mortgage rates of state-owned banks in Turkey during the summer of 2020 as an exogenous shock to provide causal estimates of a decrease in the cost of credit on mortgage demand and house prices . The effects are estimated using a detailed dataset on all house sales with mortgages. We find that a 1 percentage point decrease in annual mortgage rates led to an increase in individual mortgage loans by 3.3% and an increase in house prices by 1.6%.