Credit supply and house prices: Evidence from mortgage market segmentation

• 成果类型: Article
• 署名作者: Adelino, Manuel; Schoar, Antoinette; Severino, Felipe
• 署名单位: Duke University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2024.103958
• 发表日期: 2025
• 关键词: Mortgage markets; CLL; interest rate; GSE

摘要

This paper develops a difference-in-differences estimator that uses annual changes in the conforming loan limit and the 80% loan-to-value (LTV) threshold to isolate the impact of easier access to credit on house prices. Houses that become eligible for financing with an 80% LTV conforming loan increase in value by about $1.17 per square foot, controlling fora rich set of characteristics. Our estimates imply a local elasticity of house prices to interest rates below 6, which suggests that interest rates are capitalized into prices to a lesser extent than proposed by studies relying on more aggregate variation.