How fair or unfair is the U.S. mortgage market? The answer to this question varies across (1) the definition of fairness, (2) the chosen demographic groups, and (3) both time and space. This visualization allows the user to examine fairness in the U.S. mortgage market across these three dimensions.
This file contains fairness measures by year and state. Fairness measures are included in both differences and ratios relative to the reference group (where applicable). Observations based on a sample size of less than five people are excluded.
WP 25-04 – How fair or unfair is the U.S. mortgage market? We show that the answer crucially depends on one's definition of fairness. By contrasting six competing definitions, we offer a comprehensive view of fairness in this market.
WP 25-05 – We develop an algorithm to detect loan applicants who submit multiple applications in a loan-level dataset. We estimate that in our data our method identifies applicants that submit multiple mortgage applications with 93 percent precision.
This refreshed tool offers an easy way to view local trends in mortgage lending between 2010 and 2021. Find data for home purchase, refinance, and home improvement mortgages, and visualize trends by applicant income, gender, and race and ethnicity.
ABOUT THE EXPLORER
The Mortgage Fairness Explorer is an online appendix to our working paper that allows users to visualize fairness trends in the U.S. mortgage market by state and year across competing and widely used definitions of fairness.
Our research has found that different definitions of fairness can lead to markedly different conclusions. By considering a wide range of fairness definitions, the explorer offers a comprehensive view of fairness in this market. It further allows a user to explore recent time trends and geographic patterns in fairness and inequality in the U.S. mortgage market.
We hope that this research contributes to a more nuanced understanding of how we measure and regulate fairness, both in the mortgage market and more generally.
Senior Economic Advisor and Machine Learning Economist
Suggested Citation:
Federal Reserve Bank of Philadelphia.
Mortgage Fairness Explorer.
Accessed Feb 12, 2025,
https://www.philadelphiafed.org/surveys-and-data/consumer-finance-data/mortgage-fairness-explorer.
This explorer is based upon preliminary research that is being circulated for discussion purposes. The views expressed here are solely those of the authors and do not necessarily reflect the views of the Federal Reserve Bank of Philadelphia or the Federal Reserve System. No statements here should be treated as legal advice. Any errors or omissions are the responsibility of the authors.