caa a22 4500 465802605 CHVBK 20180323112056.0 cr unu---uuuuu 170327e19901001xx s 000 0 eng 10.1007/BF00365422 doi (NATIONALLICENCE)springer-10.1007/BF00365422 Pricing fixed rate mortgages: Some empirical evidence [Elektronische Daten] [C. Sirmans, John Benjamin] We develop a simple model based on the hypothesis that yields in the secondary mortgage market provide a basis for pricing new loans in the primary mortgage market. The model is then expanded to include potential interest rate variations due to lender characteristics and whether the loans meet securitization requirements. The empirical results, using a two-year sample of single-family mortgage rates, conform to the predictions of the model. In particular, we find that the interest rates on FRMs in the primary market move in a one-to-one relationship with secondary market yields. We also find significantly lower interest rates on these mortgages that can be sold in the secondary market versus those that cannot, thus indicating the value of the ability to securitize mortgages. Kluwer Academic Publishers, 1990 Sirmans C. Department of Finance, College of Business Administration, Louisiana State University, 70803, Baton Rouge, LA, USA aut Benjamin John Department of Finance and Real Estate, College of Business Administration, The American University, 20016, Washington, D.C., USA aut Journal of Financial Services Research Kluwer Academic Publishers 4/3(1990-10-01), 191-202 0920-8550 4:3<191 1990 4 10693 https://doi.org/10.1007/BF00365422 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/BF00365422 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Sirmans C. Department of Finance, College of Business Administration, Louisiana State University, 70803, Baton Rouge, LA, USA aut NATIONALLICENCE 700 1- Benjamin John Department of Finance and Real Estate, College of Business Administration, The American University, 20016, Washington, D.C., USA aut NATIONALLICENCE 773 0- Journal of Financial Services Research Kluwer Academic Publishers 4/3(1990-10-01), 191-202 0920-8550 4:3<191 1990 4 10693 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer