CHARLOTTE, N.C., June 12, 2015 /PRNewswire/ -- According to a
report released today by LendingTree, the nation's leading online
loan marketplace, down payment percentages for conventional 30-year
fixed rate purchase mortgages decreased in the first quarter to an
average of 16.98%, down from 17.59%, in Q4 2014. Additionally, the
average down payment amount also fell quarter-over-quarter to
$44,007 from $47,585 in the previous quarter.
"As lenders need more mortgage volume, average down payments
start to drop," said Doug Lebda,
founder and CEO of LendingTree. "More lenders are beginning to
loosen their guidelines and are going after a slightly broader pool
of potential borrowers. For first time homebuyers, this spring
and summer homebuying season is proving itself to be an excellent
time to enter the market."
An infographic released by LendingTree ranks each state
according to the average down payment percentages offered to
LendingTree customers from lowest to highest. The ten states
with the lowest average down payment percentage for a 30-year fixed
rate conventional loan are:
|
Rank
|
State
|
Avg Loan
Amount
|
Avg Down
Payment
Amt
|
Down Payment
%
|
|
1
|
KY
|
$164,458.07
|
$33,391.04
|
14.02%
|
|
2
|
AL
|
$187,991.39
|
$33,057.76
|
14.26%
|
|
3
|
WV
|
$170,079.66
|
$32,084.75
|
14.53%
|
|
4
|
ND
|
$200,130.66
|
$29,355.19
|
14.68%
|
|
5
|
NM
|
$192,773.15
|
$29,744.21
|
14.82%
|
|
6
|
AR
|
$178,223.92
|
$29,629.54
|
14.95%
|
|
7
|
OH
|
$177,973.98
|
$32,785.91
|
15.08%
|
|
8
|
MS
|
$189,007.07
|
$24,897.20
|
15.12%
|
|
9
|
MO
|
$185,223.75
|
$30,937.34
|
15.15%
|
|
10
|
IN
|
$174,164.92
|
$24,047.67
|
15.15%
|
The ten states with the highest down payment percentage for a
30-year fixed rate conventional loan are:
|
Rank
|
State
|
Avg Loan
Amount
|
Avg Down
Payment
Amt
|
Down Payment
%
|
|
41
|
FL
|
$200,742.59
|
$39,145.97
|
17.28%
|
|
42
|
IL
|
$221,436.14
|
$38,024.14
|
17.32%
|
|
43
|
ME
|
$201,479.37
|
$45,321.60
|
17.44%
|
|
44
|
RI
|
$198,929.32
|
$42,865.33
|
17.47%
|
|
45
|
MA
|
$258,028.49
|
$63,099.42
|
18.31%
|
|
46
|
CT
|
$227,271.77
|
$48,077.29
|
18.63%
|
|
47
|
NJ
|
$252,837.08
|
$57,259.93
|
18.96%
|
|
48
|
DC
|
$309,056.42
|
$89,915.80
|
19.03%
|
|
49
|
CA
|
$293,374.17
|
$67,998.60
|
19.58%
|
|
50
|
NY
|
$245,619.33
|
$75,150.33
|
20.02%
|
|
51
|
HI
|
$267,841.74
|
$59,029.82
|
20.36%
|
To view this release in LendingTree's press room, along with the
associated infographic, please visit:
https://www.lendingtree.com/press-release/us-down-payment-affordability-q1-2015
About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online loan
marketplace, empowering consumers as they comparison-shop across a
full suite of loan and credit-based offerings. LendingTree
provides an online marketplace which connects consumers with
multiple lenders that compete for their business, as well as an
array of online tools and information to help consumers find the
best loan. Since inception, LendingTree has facilitated more than
35 million loan requests. LendingTree provides access to lenders
offering home loans, personal loans, student loans, personal loans,
business loans, home equity loans/lines of credit, auto loans and
more. LendingTree, LLC is a subsidiary of LendingTree,
Inc. For more information go to www.lendingtree.com, dial
800-555-TREE, like our Facebook page and/or follow us on
Twitter @LendingTree.
MEDIA CONTACT:
Megan
Greuling
(704) 943-8208
Megan.Greuling@lendingtree.com
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SOURCE LendingTree