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The Effect of Mortgage Origination Fees on the Housing Price Dynamics

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  • Ashot Tsharakyan
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    Abstract

    This paper explores the link between mortgage origination fees and housing prices. It is argued that sharp decline in mortgage origination fees in US since the late 1980s was caused by mortgage market deregulation and mortgage innovation. Based on this reasoning the sources of exogenous variation in mortgage fees are identified, and the effect of mortgage fees on housing prices is quantified. The results indicate that decline in mortgage fees had robust statistically significant positive effect on housing prices. The lagged effect of mortgage fees on housing prices is also present.

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    File URL: http://www.cerge-ei.cz/pdf/wp/Wp357.pdf
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    Bibliographic Info

    Paper provided by The Center for Economic Research and Graduate Education - Economic Institute, Prague in its series CERGE-EI Working Papers with number wp357.

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    Date of creation: Aug 2008
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    Handle: RePEc:cer:papers:wp357

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    Related research

    Keywords: Mortgage origination fees; housing price; branching restrictions ; mortgage market deregulation.;

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