This paper shows how retail borrowers’ focus on recent interest rates as reference points may lead to choices of interest rate fixation periods which are inconsistent with normative predictions. A laboratory experiment reveals that borrowers prefer longer interest rate fixation periods when interest rates have fallen and shorter interest rate fixation periods when interest rates have risen. Normative drivers of interest rate fixation choice related to borrower characteristics, loan attributes, and pricing variables cannot explain these decisions. Market data from a mortgage broker confirms our findings in a context in which sound financial decisions are of prime importance for households’ financial well-being.

本文展示了零售借款人如何将近期利率作为参考点的关注点可能导致与规范预测不一致的利率固定期的选择。一项实验室实验表明，当利率下降时，借款人更喜欢更长的利率固定期，而当利率上升时，借款人更喜欢更短的利率固定期。与借款人特征、贷款属性和定价变量相关的利率固定选择的规范驱动因素无法解释这些决定。来自抵押贷款经纪人的市场数据证实了我们的发现，在这种情况下，合理的财务决策对家庭的财务状况至关重要。