Market Watch, August 21, 2021, As Mortgage Rates Hover Near Historic Lows, Will Americans Be Able To Take Advantage Of The Savings?
Supply restrictions and difficulty accessing credit could make the continued spate of low interest rates a wasted opportunity for many people.
And new mortgage data suggests that people of color are particularly missing out on this opportunity to lock in lower interest on their home loans. The National Community Reinvestment Coalition, a consumer advocacy group, performed an analysis of federal Home Mortgage Disclosure Act data for 2020. They found that the share of refinance loans made to Black and Hispanic homeowners declined last year, suggesting that white and Asian homeowners disproportionately benefited from the refinance boom.
