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Black homeowners paying $13,464 more on mortgages: study
30-year fixed mortgage rate now at 2.87%
FOX Business’ Ashley Webster on mortgage rates and homebuyer activity.
Black homeowners are paying thousands more on their mortgages, putting them at a staggering loss when it comes time for retirement, a new study suggests.
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Black mortgage borrowers pay $13,464 more on a home loan, including interest payments, mortgage insurance premiums and property taxes compared to White households, and it’s crippling their ability to save for retirement, according to the new MIT study, titled “The Unequal Costs of Black Homeownership.”
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The authors of the study, released this month, attributed higher interest rates, higher property taxes and a lack of refinancing opportunities for the disparity in mortgage buying for Black homeowners. As a result, Black homeowners can expect to pay up to $600 more a year, or a whopping $67,000 over the lifetime of a mortgage in lost retirement savings, the study found.
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