Shopping around: Empirical analysis of borrower comparison shopping and mortgage prices
利用2018至2020年抵押贷款数据，发现少数借款人会货比三家，平均节省约11个基点，且购物行为存在种族差异，购物者更倾向于转向金融科技公司。
Abstract Using a novel approach to identifying mortgage price shopping on the universe of mortgages from 2018 to 2020, we find that relatively few borrowers shop, but those who do end saving roughly 11 basis points on average. We also find significant differences by race in the incidence and benefits of shopping. When borrowers do shop, a vast majority engage in simultaneous search. Shoppers show a swifter movement away from commercial banks toward fintechs. Shoppers tend to be more creditworthy, wealthier, live in more urban areas, and apply more often with nondepository lenders. Minority shoppers show less affinity to minority‐owned lenders than corresponding nonshoppers. We also provide evidence that shopping is likely significantly overreported in available survey data.