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Posted Rates and Mortgage Lending Activity

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  • Avery, Robert B
  • Beeson, Patricia E
  • Sniderman, Mark S

Abstract

In many metropolitan areas (MSAs) newspapers post mortgage terms for lenders in a manner designed to permit an easy comparison of discount points and note rates. Using these advertised rates for 73 lenders in three MSAs we examine 1) how applicants respond to short-run changes in relative rates, and 2) the relationship between the services provided and quality of applications received by lenders and their long-term market positions. We find that applicant flows increase when lenders lower their rates. We also find that persistent cross-lender differences in rates are associated with differences in product quality reflected in processing times, loan sales, and FHA/VA lending; and that high-risk borrowers tend to apply to lenders posting above-average rates. Copyright 1996 by Kluwer Academic Publishers

Suggested Citation

  • Avery, Robert B & Beeson, Patricia E & Sniderman, Mark S, 1996. "Posted Rates and Mortgage Lending Activity," The Journal of Real Estate Finance and Economics, Springer, vol. 13(1), pages 11-26, July.
    • Handle: RePEc:kap:jrefec:v:13:y:1996:i:1:p:11-26
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    Cited by:

    1. Fred Phillips-Patrick & David Malmquist & Clifford Rossi, 1997. "The Economics of Low-Income Mortgage Lending," Journal of Financial Services Research, Springer;Western Finance Association, vol. 11(1), pages 169-188, February.
    2. Avery, Robert B. & Beeson, Patricia E. & Sniderman, Mark S., 1999. "Neighborhood Information and Home Mortgage Lending," Journal of Urban Economics, Elsevier, vol. 45(2), pages 287-310, March.
    3. Stanley D. Longhofer & Stephen R. Peters, 1998. "Self-selection and discrimination in credit markets," Working Papers (Old Series) 9809, Federal Reserve Bank of Cleveland.
    4. Stanley D. Longhofer, 1996. "Cultural affinity and mortgage discrimination," Economic Review, Federal Reserve Bank of Cleveland, issue Q III, pages 12-24.

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