CHARLOTTE, N.C., July 28, 2015 /PRNewswire/ -- According to
the latest national down payments report released today by
LendingTree®, the nation's leading online loan marketplace, average
down payment percentages for conventional 30-year fixed rate
purchase mortgage offers rose slightly in the second quarter to an
average of 17.34 percent, up from 16.98 percent in Q1 2014. The
average down payment amount also rose quarter-over-quarter to
$44,204, a marginal increase from the
$44,007 of the previous quarter. The
average down payment for all purchase mortgages, including FHA, VA,
non-prime, and jumbo mortgages in the second quarter was
$44,366 or 15.15 percent.
"The spring and summer home buying season naturally creates more
demand in the housing market," said Doug
Lebda, founder and CEO of LendingTree. "With a more
competitive housing market, it is common to see down payments rise.
However, we also saw volume for FHA loans increase a little over
five percent quarter over quarter, signaling more first time
homebuyers entering the market. For potential buyers who have been
sitting on the fence, it's still a good time to explore the housing
market as interest rates remain historically low."
The average down payment on an FHA mortgage in the second
quarter was 7.86 percent, or $13,350
while the average down payment on a jumbo mortgage was 23.61
percent, or $215,909.
An infographic released by LendingTree ranks each state
according to the conventional 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
|
Quarterly Rank
+/-
|
Down Payment
%
|
Offered - Loan
Amount (AVG)
|
Offered - Down
Payment (AVG)
|
1
|
SD
|
10
|
14.13%
|
$186,379.43
|
$24,735.82
|
2
|
MS
|
6
|
14.17%
|
$182,451.22
|
$22,285.77
|
3
|
IA
|
13
|
14.82%
|
$182,669.32
|
$28,395.41
|
4
|
IN
|
6
|
14.90%
|
$174,173.52
|
$22,081.84
|
5
|
ME
|
38
|
15.02%
|
$189,121.65
|
$35,380.58
|
6
|
AL
|
-4
|
15.12%
|
$184,228.71
|
$31,260.09
|
7
|
DE
|
32
|
15.21%
|
$211,342.92
|
$35,441.37
|
8
|
KY
|
-7
|
15.24%
|
$172,052.98
|
$32,240.53
|
9
|
WV
|
-6
|
15.24%
|
$174,607.83
|
$27,546.33
|
10
|
OH
|
-3
|
15.29%
|
$186,771.90
|
$32,651.59
|
The ten states with the highest down payment percentage for a
30-year fixed rate conventional loan are:
Rank
|
State
|
Quarterly Rank
+/-
|
Down Payment
%
|
Offered - Loan
Amount (AVG)
|
Offered - Down
Payment (AVG)
|
42
|
FL
|
-1
|
17.58%
|
$206,675.78
|
$40,909.07
|
43
|
AK
|
-9
|
17.74%
|
$237,995.99
|
$48,509.36
|
44
|
NH
|
-32
|
18.16%
|
$207,659.46
|
$50,583.53
|
45
|
CT
|
1
|
18.62%
|
$222,510.51
|
$53,031.52
|
46
|
MA
|
-1
|
19.15%
|
$255,065.25
|
$69,323.27
|
47
|
HI
|
4
|
19.75%
|
$270,268.12
|
$61,413.95
|
48
|
NY
|
2
|
19.97%
|
$243,887.80
|
$76,101.19
|
49
|
CA
|
0
|
20.01%
|
$297,461.74
|
$70,854.17
|
50
|
NJ
|
-3
|
20.14%
|
$259,870.65
|
$59,909.15
|
51
|
DC
|
-3
|
21.03%
|
$354,666.67
|
$111,427.08
|
To view the original release along with the associated
high-resolution infographic, please visit the LendingTree Press
Room.
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
55 million loan requests. LendingTree provides free monthly credit
scores through My LendingTree and access to its network of over 350
lenders offering home loans, personal loans, credit cards, 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
Megan.Greuling@LendingTree.com
704-943-8208
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SOURCE LendingTree