Zillow research released this morning included some good news for minority applicants: Although Hispanic and black homeowners are still lagging behind white and Asian homeowners in the housing recovery, the denial rate for mortgages has decreased nationally.
Here’s how the Washington, D.C., market showed:
- The denial rate for 2014 conventional mortgage applications was 7.9 percent, down 0.2 percent from 8.1 percent in 2013.
- For black applicants, the denial rate fell from 17.5 percent in 2013 to 14.6 percent in 2014 — a 2.9-percent drop.
- For white applicants, the denial rate remained 5.6 percent in 2013 from 5.6 percent in 2014 — no change.
- For Hispanic applicants, the denial rate fell from 14.0 percent in 2013 to 12.7 percent in 2014 — a 1.3-percent drop.
- For Asian applicants, the denial rate actually rose to 10.5 percent in 2014 from 9.8 percent in 2014 — a 0.7-percent increase.
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