CHARLOTTE, N.C., Jan. 25, 2016 /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 fell slightly in the fourth quarter to an average
of 17.46 percent, down slightly from 17.63 percent in the prior
quarter. Although down payment percentages fell, the average down
payment amount climbed quarter-over-quarter to $51,721, an increase from the previous quarter's
average of $48,924. The average down
payment for all purchase mortgages, including FHA, VA, non-prime,
and jumbo mortgages in the second quarter was $51,663.84 or 15.19 percent of the home's
purchase price.
"The fourth quarter marked another period of housing market
improvement, where home values continued to rise for most markets,"
said Doug Lebda, founder and CEO of
LendingTree. "Higher home prices mean larger down payment amounts,
even though down payment percentages remain fairly flat. As we
continue to see the housing market improve, current homeowners who
have postponed a move may be more inclined to sell, creating more
housing inventory for buyers across different price
distributions."
The average down payment on an FHA mortgage in the second
quarter was 8.12 percent, or $16,793,
representing a slight increase from Q3 2015. The average down
payment on a jumbo mortgage was 23.67 percent, averaging just over
$200,000 in Q4 2015.
Infographics for complete report rankings may be found on the
LendingTree Press Room. Below, 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
|
WV
|
2
|
13.57%
|
$172,109.67
|
$24,322.21
|
2
|
MS
|
-1
|
14.57%
|
$188,326.00
|
$24,482.39
|
3
|
KY
|
2
|
14.74%
|
$168,334.45
|
$30,165.55
|
4
|
AR
|
9
|
14.80%
|
$179,612.38
|
$25,928.23
|
5
|
LA
|
17
|
15.29%
|
$183,559.45
|
$36,682.70
|
6
|
AL
|
-4
|
15.40%
|
$181,677.82
|
$34,420.19
|
7
|
IA
|
-3
|
15.43%
|
$174,577.02
|
$39,522.01
|
8
|
TN
|
13
|
15.62%
|
$182,732.63
|
$39,296.45
|
9
|
MN
|
21
|
15.64%
|
$200,293.08
|
$39,252.22
|
10
|
MO
|
4
|
15.76%
|
$173,001.99
|
$38,763.76
|
The ten states with the highest down payment percentage for a
30-year fixed rate conventional loan offers are:
Rank
|
State
|
Quarterly
Rank +/-
|
Down
Payment %
|
Offered - Loan
Amount (AVG)
|
Offered - Down
Payment (AVG)
|
42
|
VT
|
3
|
17.98%
|
$180,376.90
|
$29,034.26
|
43
|
MT
|
-5
|
18.00%
|
$199,687.67
|
$33,482.57
|
44
|
MA
|
-4
|
18.18%
|
$254,506.84
|
$53,814.45
|
45
|
CO
|
-6
|
18.57%
|
$238,491.33
|
$62,927.11
|
46
|
HI
|
0
|
18.96%
|
$297,329.68
|
$60,036.55
|
47
|
CT
|
4
|
19.28%
|
$229,474.47
|
$52,741.70
|
48
|
AK
|
-1
|
19.69%
|
$214,453.75
|
$51,141.25
|
49
|
NY
|
1
|
19.98%
|
$245,985.46
|
$77,767.16
|
50
|
CA
|
-1
|
20.20%
|
$298,518.51
|
$89,674.44
|
51
|
NJ
|
-3
|
20.46%
|
$253,516.23
|
$68,571.41
|
To view the original release along with the associated
high-resolution infographics, 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