AgentMarkets & Economy

Zillow: Mortgage denial rates down for minority applicants

Here's how the region measures up
  • The denial rate for 2014 conventional mortgage applications was 11.3 percent, down 1.3 percent from 12.6 percent in 2013.
  • For black applicants, the denial rate fell from 32.1 percent in 2013 to 26.9 percent in 2014 -- a 5.2-percent increase.
  • For white applicants, the denial rate fell from 10.1 percent in 2013 to 8.9 percent in 2014 -- a 1.2-percent drop.
  • For Hispanic applicants, the denial rate fell from 24.9 percent in 2013 to 20.0 percent in 2014 -- a 4.9-percent drop.
  • For Asian applicants, the denial rate fell from 13.1 percent in 2013 to 12.2 percent in 2014 -- a 0.9-percent drop.

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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 Chicago market ranked: The denial rate for 2014 conventional mortgage applications was 11.3 percent, down 1.3 percent from 12.6 percent in 2013. For black applicants, the denial rate fell from 32.1 percent in 2013 to 26.9 percent in 2014 -- a 5.2-percent drop. For white applicants, the denial rate fell from 10.1 percent in 2013 to 8.9 percent in 2014 -- a 1.2-percent drop. For Hispanic applicants, the denial rate fell from 24.9 percent in 2013 to 20.0 percent in 2014 -- a 4.9-percent drop. For Asian applicants, the denial rate fell from 13.1 percent in 2013 to 12.2 percent in 2014 -- a 0.9-percent drop.   ...