Refinancing Inequality During the COVID-19 Pandemic
研究发现，2020年上半年高收入借款人的抵押贷款再融资储蓄比低收入借款人高出10倍，主要由于高收入者再融资活动更多且利率改善略大，导致再融资不平等加剧。
Abstract During the first half of 2020, the difference in savings from mortgage refinancing between high- and low-income borrowers was 10 times higher than before. This was the result of two factors: high-income borrowers increased their refinancing activity more than otherwise comparable low-income borrowers and, conditional on refinancing, they captured slightly larger improvements in interest rates. Refinancing inequality increases with the severity of the COVID-19 pandemic and is characterized by an underrepresentation of low-income borrowers in the pool of applications. We estimate a difference of $5 billion in savings between the top income quintile and the rest of the market.