Morningstar Magazine, October 1, 2021, As Mortgage Rates Hover Near Historic Lows, Will Americans Be Able to Take Advantage of the Savings?
Despite historically low mortgage rates, supply-chain blockages and difficulty in accessing credit have left many unable to take advantage of such circumstances.
The National Community Reinvestment Coalition reported that people of color are particularly missing out, as they found the share of refinance loans made to Black and Hispanic homeowners declined last year.
Jesse Van Tol, president and CEO of NCRC said, “The refinance boom did little to close the nation’s lingering racial wealth and homeownership gaps,”, adding “The disparity in who benefited from low interest rates also raises questions about the capabilities of both lenders and regulators,”.
