Pandemic-Era Refinancing Differences by Mortgage Burden Among Ohio Households
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Date
2025-05
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Publisher
The Ohio State University
Abstract
This study examines refinancing patterns among Ohio mortgage holders during the COVID-19 pandemic, focusing specifically on differences between households burdened by mortgage costs and non-burdened households. Using de-identified consumer credit data from a major U.S. credit bureau, we find that mortgage-burdened households were more likely to refinance during the pandemic than their non-burdened counterparts. Interest rate differentials and changes in term lengths led to payment decreases for many, including among cashout refinancers. Credit scores, age, mortgage balance, and mortgage origination year emerged as key factors in accounting for refinancing disparities. These findings contribute to our understanding of how monetary policy transmission affects different households during periods of historically low interest rates.
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Keywords
Monetary policy, mortgage refinancing, Ohio