Consider a 30-year ($140,000) mortgage with a rate of 6.375 percent. Five years into the mortgage, rates
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Consider a 30-year \($140,000\) mortgage with a rate of 6.375 percent. Five years into the mortgage, rates have fallen to 6 percent. Suppose the transaction cost of obtaining a new mortgage is \($1,000.\) Should the homeowner refinance at the lower rate?
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