Report: discrimination in housing market still rampant

Report: discrimination in housing market still rampant

Report: discrimination in housing market still rampant
According to a new report from the National Association of Realtors released last week, black homebuyers in the U.S. are far more likely to have their mortgage applications rejected than white homebuyers.

The report which analyzed data from the U.S. Census Bureau’s American Community Survey as well as an NAR survey found that as much as 10 percent of Black mortgage applicants were rejected by lenders. Hispanic applicants saw their applications rejected at a rate of six percent and just four percent for both white and Asian applicants.

According to the NAR survey, 41 percent of Black mortgage applicants felt they faced stricter lending standards because of their race.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.