Top States for Black American Refinance Opportunities

Freddie Mac research shows that almost 50 percent of Black borrowers could save $1,200 annually by refinancing. Yet, Black borrowers are disproportionately refinancing at lower rates than white borrowers.To ensure you have the information needed to share refinance opportunities with eligible borrowers who can benefit, review the research to learn more about where potential applicants are concentrated.

Key Insights Include:

• There are more than 585,000 Black borrowers with conventional and FHA loans who could potentially benefit from refinancing.
• More than 350,000 Black borrowers who could potentially benefit from a refinance have an interest rate greater than 4.5 percent.
• 70 percent of conventional loans and 58 percent of FHA loans to Black potential refinance applicants have a loan balance greater than $150,000.
• Georgia, Florida, and Maryland are top states for Black borrowers who could potentially benefit from a refinance.