The article explores how mortgage securitization affects mortgage rates. It looks at how lenders, buyers, and investors interact in the mortgage market. The study finds that securitization doesn't always lead to lower mortgage rates for borrowers. Surprisingly, under certain conditions, securitization may not benefit borrowers. Additionally, the research shows that an increase in securitization volume is linked to lower mortgage rates, but in a way that is different from what is commonly believed. Instead of securitization causing lower rates, it is actually lower rates that drive more securitization.