A recent report highlights the ongoing issue of racial lending disparities, revealing that Black and Brown homebuyers continue to face discriminatory practices and higher interest rates compared to white borrowers.
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But according to recent data, Black and Brown home buyers continue to face discriminatory lending practices and higher interest rates in comparison to white homebuyers.“We found that Black borrowers were receiving the short end of the stick,” said Will Spisak, senior program associate at NEP. “Even when interest rates were at historic lows they were being charged higher interest rates than white borrowers. And when interest rates started to increase, those rates increased faster and higher for Black borrowers.” From 2018 to 2023, the report found that the city’s biggest banks continued to charge Black New Yorkers higher rates than other borrowers. This interest rate disparity cost a Black homeowner about $30,000 more in interest payments over the course of a 30-year mortgage. During the recovery period following the COVID-19 pandemic, between 2021 and 2023, the report said racial lending disparities in the city were especially pronounced as borrowing costs surged. Even Black borrowers with incomes above $100,000 had higher interest rates than white borrowers with lower incomes, said the report. The banks also denied Black homeowners refinancing loans, which helps lower mortgage payments, at nearly twice the rate of white homeowners
RACIAL DISCRIMINATION MORTGAGE RATES LENDING PRACTICES HOME BUYING BLACK COMMUNITY
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Amazon sued for alleged Prime delivery disparities in two majority-Black DC neighborhoodsJeremy is a Malaysian freelance writer who loves video games and technology. He reports on tech news at Engadget, and his work has been featured on Cloudwards, MyNextTablet, and Quantum Zeitgeist. In addition to competitive gaming, Jeremy enjoys Chinese martial arts and reading. Ask him about Snake from Super Smash Bros. Ultimate.
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