Do Minorities Pay More for Mortgages?
成果类型：
Article
署名作者：
Bhutta, Neil; Hizmo, Aurel
署名单位：
Federal Reserve System - USA; Federal Reserve System Board of Governors
刊物名称：
REVIEW OF FINANCIAL STUDIES
ISSN/ISSBN：
0893-9454
DOI：
10.1093/rfs/hhaa047
发表日期：
2021
页码：
763
关键词：
摘要：
We test for racial discrimination in the prices charged by mortgage lenders. We construct a unique data set from which we observe the three dimensions of a mortgage's price: the interest rate, discount points, and fees. Although we find statistically significant gaps by race and ethnicity in interest rates, these gaps are offset by differences in discount points. We trace out point-rate schedules and show that minorities and whites face identical schedules, but sort to different locations on the schedule. Such sorting may reflect systematic differences in liquidity or preferences. Finally, we find no differences in total fees by race or ethnicity.