Why higher mortgage rates are boosting H-1B visa demand

High mortgage rates made it expensive for homeowners with old, low-rate mortgages to move, especially to pricey destinations. Using IRS migration records and loan data, researchers found that stronger mortgage lock-in reduced college-educated domestic migration to affected cities but didn't deter renters. Firms compensated by filing 14 additional H-1B sponsorship requests for every 100 deterred domestic workers—revealing how a financial shock to housing can reshape immigration policy's real-world effects.