Black borrowers had twice mortgage denial rate than others.

By The Exchange Team

Homeownership helps increase wealth. According to a new LendingTree survey, aspiring Black homebuyers may find that challenging.

The online lending market company found the mortgage refusal rate for Black homeowners is twice that of all borrowers in the country's 50 major cities.

18% of Black mortgage applicants are denied, compared to 9% of the general population.

St. Louis had the largest difference between mortgage denial rates for Black borrowers and the overall population, that is 13.40 percentage points.

Boston and Jacksonville, Florida tied for second place with a 13.34 percentage point disparity between Black and total mortgage denial rates.  

Seattle, San Francisco, and Sacramento, California fared best for Black homeowners on the West Coast.

San Francisco was top, with 2.35% gap in points, Sacramento had a 4.64-point difference, Seattle ranked third with a 4.83-point spread.