Daily News | Black and lower-income homeowners missed out on the refinancing boom spurred by low interest rates
Homeownership is relatively more expensive for Black households compared with white households because of inequities in employment and income. The median household income of Black Philadelphia homeowners is about $47,000, while the median household income of white Philadelphia homeowners is close to $78,000, according to Philadelphia Fed researchers.
Black and Hispanic borrowers across the country were both significantly more likely than white borrowers to miss payments because of financial trouble and significantly less likely to refinance their loans to lower their payments in 2020, according to the 2021 report. Between January and October 2020, among homeowners with federally backed mortgages, about 6% of Black borrowers and 9% of Hispanic borrowers refinanced compared with 12% of white borrowers.
“These groups being particularly hard hit in the pandemic made these gaps [in refinancing] even larger than we would have normally expected,” said Lambie-Hanson, a coauthor of the 2021 report.
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