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NBERWORKINGPAPERSERIES
OPTIMALMORTGAGEREFINANCINGWITHINATTENTION
DavidW.Berger
KonstantinMilbradt
FabriceTourre
JosephS.Vavra
WorkingPaper32447
/papers/w32447
NATIONALBUREAUOFECONOMICRESEARCH
1050MassachusettsAvenue
Cambridge,MA02138
May2024
WewouldliketothankJohnDriscollforhelpfulcomments.FabriceTourreacknowledgesfinancialsupportfromtheBertandSandraWassermanendowment.TheviewsexpressedhereinarethoseoftheauthorsanddonotnecessarilyreflecttheviewsoftheNationalBureauofEconomicResearch.
NBERworkingpapersarecirculatedfordiscussionandcommentpurposes.Theyhavenotbeenpeer-reviewedorbeensubjecttothereviewbytheNBERBoardofDirectorsthataccompaniesofficialNBERpublications.
?2024byDavidW.Berger,KonstantinMilbradt,FabriceTourre,andJosephS.Vavra.Allrightsreserved.Shortsectionsoftext,nottoexceedtwoparagraphs,maybequotedwithoutexplicitpermissionprovidedthatfullcredit,including?notice,isgiventothesource.
OptimalMortgageRefinancingwithInattention
DavidW.Berger,KonstantinMilbradt,FabriceTourre,andJosephS.Vavra
NBERWorkingPaperNo.32447
May2024
JELNo.E4,G21,G4,G5,R2
ABSTRACT
Webuildamodelofoptimalfixed-ratemortgagerefinancingwithfixedcostsandinattentionandderiveanewsufficientstatisticthatcanbeusedtomeasureinattentionfrictionsfromsimplemomentsoftherategapdistribution.Inthemodel,borrowerspayattentiontoratessporadicallysotheyoftenfailtorefinanceevenwhenitisprofitable.Whenpayingattention,borrowersoptimallychoosetorefinanceearlierthanunderaperfectattentionbenchmark.Ourmodelcanrationalizealmostallerrorsof“omission”(refinancingtooslowly)andalargefractionoftheerrorsof“commission”(refinancingtooquickly)previouslydocumentedinthedata.
DavidW.Berger
DepartmentofEconomics
DukeUniversity
419ChapelDrive
SocialScienceBuild
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