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WASHINGTON — Black and Hispanic homeowners were more likely to receive refinancing loans aimed at borrowers with low credit ratings than were whites, according to a nationwide study released Wednesday by the Consumer Federation of America.

In a survey of nearly 5 million refinanced mortgages made by 30 lenders nationwide, the consumer advocacy group found that about half of black mortgage seekers and one third of Hispanics got "subprime" loans with higher interest rates, compared with fewer than a quarter of white borrowers.

Subprime loans carry higher rates to compensate lenders for the risk that borrowers with lower credit ratings may have trouble repaying the loans. Interest rates on subprime, adjustable-rate refinanced mortgages rise sharply as market rates increase, generally making it harder for borrowers to repay.

"Some of the differences in lending we saw are undoubtedly due to risk-based pricing, but the variation is too great to be explained by risk factors alone," said Patrick Woodhall, senior researcher with the Consumer Federation of America.

The 300-city study also looked at regional differences in lending practices. More than 36 percent of mortgage refinancings were made at subprime rates in the Southwest and Great Plains states versus more than 18 percent in the Pacific and Northwest states. The group studied mortgages reported by 30 lenders, including market leaders Countrywide Financial Corp., National City Corp. and New Century Financial Corp.

However, banking industry representatives warn that comparing mortgage rates from different regions of the country can overstate differences. It is not surprising to find higher rates of subprime loans in remote areas since there tend to be fewer competing lenders in such areas to help drive rates lower, said James Ballentine, director of housing and community development for the American Bankers Association.

"It's important, when you look at a particular market, to compare it to similar areas and not drastically different ones," Ballentine said. "Comparing Jackson, Mississippi, to Los Angeles doesn't tell you much because it's not even comparing apples and oranges; it's more like apples and grapefruits."

Federal and state investigators are currently looking into lenders' practices based on 2004 loan data, though the names of specific institutions have not been released. The consumer federation is pushing for regulators to investigate further the cause of the discrepancies found in its report.

From April to August, the federation collected data from lenders on loans made in 2005. The information is also being sent to the Federal Reserve for a study due out this month. The Fed is required to issue loan level data under the Federal Home Mortgage Disclosure Act.

Among the top issuers of subprime mortgages in the first half of 2005 were New Century Financial Corp., Countrywide Financial Corp. and Washington Mutual Inc., according to American Banker Online.