This brief utilizes HMDA data from 2018 to 2021 to better understand how the costs of mortgages as measured by interest rates, rate spread, high-priced mortgages, and total loan costs have changed over this period and how they vary for borrowers of different racial and ethnic backgrounds. We find that almost all borrowers benefitted from declining costs over this period. However, Black, Hispanic, and low to moderate income (LMI) borrowers continued to rely heavily on non-conventional mortgages. Furthermore, they experienced higher relative costs in comparison to other groups for the mortgages they did acquire. As a result, they often paid higher overall and higher relative costs by loan amounts compared to their counterparts.