Shifting demographics are leading to a rise in the number of millennials and minorities in the U.S. population, creating an exceptional opportunity for mortgage lenders to serve these communities as they look to buy homes.

Nonetheless, post-crisis homeownership rates among millennials and people of color remain depressed. The homeownership rate during the second quarter of 2016 was 45.1% for Hispanics, well below the 2007 peak of 50.1%, according to data from the U.S. Census Bureau. Additionally, only 34.1% of people under age 35 owned a home in the second quarter, down from the peak of 43.6% recorded in 2004, the Census Bureau said.

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