Real Estate

Black borrowers’ mortgage denial rate twice that of overall population

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Owning a home is one of the key ways to build wealth. But for aspiring Black homeowners, that can be a difficult milestone to reach, according to a new report from LendingTree.

Research from the online loan market company finds the mortgage denial rate for Black homebuyers is twice that of the overall population of borrowers in the country’s largest 50 metropolitan areas.

When it comes to applying for a mortgage, 18% of Black borrowers are denied on average compared to a 9% rejection rate for the overall population.

LendingTree’s analysis is based on data from the 2020 Home Mortgage Disclosure Act.

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Source cnbc.com

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