CHARLOTTE, N.C., Nov. 18, 2015 /PRNewswire/ -- According to
the latest national down payment report released today by
LendingTree®, a leading online loan marketplace, average down
payment percentages for conventional 30-year fixed rate purchase
mortgage offers rose slightly in the third quarter to an average of
17.63 percent, up slightly from 17.34 percent in the prior quarter
and 16.29 percent in Q3 2014. The average down payment amount also
rose quarter-over-quarter to $48,924,
a sizeable increase from the previous quarter's average of
$44,204. The average down payment for
all purchase mortgages, including FHA, VA, non-prime, and jumbo
mortgages in the second quarter was $49,127 or 15.41 percent.
"During the third quarter, the housing market thrived in certain
markets as consumer demand outweighed supply," said Doug Lebda, founder and CEO of LendingTree. "In
competitive housing markets, homebuyers will often bolster their
buying credentials by offering a larger down payment. Not only
could this improve a buyer's chances of securing the home, but
could also help avoid delays in closing, create built-in equity and
generate lower monthly payments. For potential buyers who are
eyeing the market today, rates are beginning to trend upwards as we
inch closer to the new year and a potential Fed rate hike."
The average down payment on an FHA mortgage in the second
quarter was 7.99 percent, or $15,391,
representing a slight increase from Q2 2015. The average down
payment on a jumbo mortgage was 23.98 percent, or $170,185.
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
|
MS
|
1
|
14.88%
|
$190,133.13
|
$24,991.21
|
|
2
|
AL
|
4
|
15.02%
|
$192,115.66
|
$32,279.25
|
|
3
|
WV
|
6
|
15.11%
|
$183,564.93
|
$32,562.50
|
|
4
|
IA
|
-1
|
15.19%
|
$182,511.28
|
$30,975.24
|
|
5
|
KY
|
3
|
15.21%
|
$169,449.46
|
$31,801.08
|
|
6
|
UT
|
11
|
15.28%
|
$230,113.71
|
$37,173.84
|
|
7
|
IN
|
-3
|
15.33%
|
$172,793.06
|
$27,896.22
|
|
8
|
ME
|
-3
|
15.43%
|
$194,340.14
|
$37,556.97
|
|
9
|
WY
|
10
|
15.46%
|
$215,955.98
|
$37,644.52
|
|
10
|
NE
|
19
|
15.66%
|
$181,579.49
|
$30,509.04
|
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
|
CT
|
3
|
17.97%
|
$235,755.59
|
$48,827.18
|
|
43
|
WA
|
-5
|
18.02%
|
$256,922.50
|
$61,995.68
|
|
44
|
CO
|
-4
|
18.71%
|
$241,437.13
|
$55,578.62
|
|
45
|
VT
|
-6
|
18.77%
|
$192,189.95
|
$44,050.25
|
|
46
|
MA
|
0
|
18.87%
|
$256,231.93
|
$54,516.47
|
|
47
|
DC
|
4
|
19.36%
|
$316,584.02
|
$101,291.67
|
|
48
|
HI
|
-1
|
19.41%
|
$307,571.43
|
$62,684.13
|
|
49
|
NJ
|
1
|
19.91%
|
$261,826.43
|
$65,616.73
|
|
50
|
CA
|
-1
|
20.18%
|
$301,613.85
|
$80,668.41
|
|
51
|
NY
|
-3
|
20.38%
|
$248,031.57
|
$86,838.03
|
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
Photo - http://photos.prnewswire.com/prnh/20151118/289026
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/average-down-payments-rise-as-housing-demand-and-buyer-competition-increase-300181410.html
SOURCE LendingTree