Using the National Survey of Mortgage Originations, we document that borrowers who are more financially sophisticated (measured by their self-reported understanding of the mortgage process) and more exposed to competition (measured by the number of lenders they considered) pay lower mortgage rate spreads. Yet, competition is not a substitute for sophistication: the benefits of competition accrue to sophisticates as well as to naïfs. Our results complement those from the literature detailing the limits of advice and education, and collectively they paint a pessimistic view about the prospects for simple interventions to close the mortgage rate gap between the informed and the naive.

中文翻译：

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竞争能治愈混乱吗？来自住宅抵押贷款市场的证据

使用全国抵押贷款起源调查，我们记录了财务状况更复杂（通过他们对抵押贷款过程的自我报告的理解来衡量）和更容易受到竞争（通过他们考虑的贷方数量来衡量）的借款人支付较低的抵押贷款利率差. 然而，竞争并不能代替老练：竞争的好处对老练的人和天真的人都有好处。我们的结果补充了详细说明建议和教育局限性的文献中的结果，它们共同描绘了对通过简单干预来缩小知情者和幼稚者之间的抵押贷款利率差距的前景的悲观观点。