The Heller School For Social Policty And Management The Heller School For Social Policy and Management Brandeis University
High Interest Rate Loans (2010) as Share of Refinance Loans by Race/Ethnicity and Income
Year: 2010; Race/Ethnicity: Non-Hispanic White, Hispanic, Non-Hispanic Black and Non-Hispanic Asian/Pac. Islander; Income: Low-Income; Region: Largest 4 MSAs

Year
Race/Ethnicity




Income


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  • Non-Hispanic White
    Low-Income
  • Non-Hispanic Black
    Low-Income
  • Hispanic
    Low-Income
  • Non-Hispanic Asian/Pac. Islander
    Low-Income
           
 Scale Range: 0.0% - 3.8%           0.0%0.4%0.9%1.3%1.7%2.1%2.6%3.0%3.4%3.8%
                      
Chicago-Naperville-Joliet, IL-IN-WI Non-Hispanic White Low-Income 2010 1.0% Barchart image
Non-Hispanic Black Low-Income 2010 3.8% Barchart image
Hispanic Low-Income 2010 1.8% Barchart image
Non-Hispanic Asian/Pac. Islander Low-Income 2010 0.5% Barchart image
Los Angeles-Long Beach-Santa Ana, CA Non-Hispanic White Low-Income 2010 1.0% Barchart image
Non-Hispanic Black Low-Income 2010 3.5% Barchart image
Hispanic Low-Income 2010 0.8% Barchart image
Non-Hispanic Asian/Pac. Islander Low-Income 2010 0.3% Barchart image
New York-Newark-Edison, NY-NJ-PA Non-Hispanic White Low-Income 2010 1.0% Barchart image
Non-Hispanic Black Low-Income 2010 3.1% Barchart image
Hispanic Low-Income 2010 1.0% Barchart image
Non-Hispanic Asian/Pac. Islander Low-Income 2010 0.6% Barchart image
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Non-Hispanic White Low-Income 2010 1.5% Barchart image
Non-Hispanic Black Low-Income 2010 3.8% Barchart image
Hispanic Low-Income 2010 3.1% Barchart image
Non-Hispanic Asian/Pac. Islander Low-Income 2010 0.6% Barchart image
                      
            0.0%0.4%0.9%1.3%1.7%2.1%2.6%3.0%3.4%3.8%

Definition: Share of refinance loans that have an APR (annual percentage rate) at least 1.5 percentage points higher than the estimated Average Prime Offer Rate for loans extended to  prime borrowers based on the rates reported by Freddie Mac in its Primary Mortgage Market Survey®.  This definition of high interest loans differs from that used prior to 2010.

Notes: Includes only originated, first-lien loans for owner-occupied, 1-4 family homes or manufactured homes.  Excludes data for metro areas with less than 20 loans for each race-income group. Low-income borrowers had incomes below 80% of area median income. Middle-income borrowers had incomes of between 80% and 120% of area median income. Upper-income borrowers had incomes above 120% of area median income.   Race/ethnicity refers to the primary borrower. Hispanics may be of any race. When borrower self identifies as more than one race, race category refers to first race specified.

Source: Analysis of Home Mortgage Disclosure Act Data from the Federal Financial Institutions Examination Council.