CHARLOTTE, N.C., April 28, 2016 /PRNewswire/ -- According to the
latest national down payment report released today by LendingTreeĀ®,
a leading online loan marketplace, average down payment percentages
for conventional 30-year fixed rate purchase mortgage offers fell
slightly in the first quarter to an average of 16.64 percent, down
from 17.46 percent in the prior quarter and 16.98 percent from the
same period last year. The average down payment amount also fell
quarter-over-quarter from $51,721 to
an average $49,839, but increased
year-over-year from $44,007.
The average down payment for all purchase mortgages, including
FHA, VA, non-prime, and jumbo mortgages in the first quarter was
$44,058, or 12.18 percent of the
home's purchase price.
"Despite seasonality, home sales improved year-over-year and
while low inventories fueled price growth in many markets," said
Doug Lebda, founder and CEO of
LendingTree. "According to the National Association of Realtors,
pending home sales rebounded in February, and existing home sales
surged in March. This momentum suggests a strong spring
home-buying season given low mortgage rates, improved housing
inventory levels and growing consumer confidence."
The average down payment on an FHA mortgage in the first quarter
was 8.74 percent, or $16,998,
representing a slight increase from Q1 2015. The average down
payment on a jumbo mortgage was 23.89 percent, or $194,950 in Q1 2016.
LendingTree has ranked each state according to the conventional
average down payment percentages offered to LendingTree customers
from lowest to highest. The complete listing can be found on
LendingTree's press room.
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
|
13.01%
|
$191,070.20
|
$24,263.14
|
2
|
ND
|
23
|
13.50%
|
$199,667.25
|
$32,631.16
|
3
|
AL
|
3
|
14.13%
|
$189,408.69
|
$31,620.74
|
4
|
KY
|
-1
|
14.25%
|
$188,450.15
|
$35,087.33
|
5
|
MO
|
5
|
14.31%
|
$181,828.15
|
$31,335.12
|
6
|
AR
|
-2
|
14.43%
|
$182,748.31
|
$25,649.12
|
7
|
WV
|
-6
|
14.49%
|
$182,535.63
|
$25,789.53
|
8
|
TN
|
0
|
14.58%
|
$189,751.85
|
$34,956.84
|
9
|
IN
|
3
|
14.64%
|
$180,386.75
|
$29,672.44
|
10
|
OH
|
6
|
14.71%
|
$182,690.36
|
$33,452.57
|
The ten states with the highest average 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
|
NV
|
-9
|
16.82%
|
$223,095.86
|
$48,625.77
|
43
|
WA
|
-3
|
16.82%
|
$248,008.37
|
$60,375.77
|
44
|
RI
|
-7
|
16.84%
|
$212,621.01
|
$36,116.67
|
45
|
CT
|
2
|
17.91%
|
$223,991.51
|
$53,227.60
|
46
|
MA
|
-2
|
18.04%
|
$258,966.93
|
$58,739.97
|
47
|
DC
|
-19
|
18.50%
|
$350,021.45
|
$98,440.09
|
48
|
NJ
|
3
|
19.29%
|
$254,307.94
|
$64,579.37
|
49
|
HI
|
-3
|
19.44%
|
$267,754.73
|
$58,404.36
|
50
|
CA
|
0
|
19.56%
|
$302,279.48
|
$84,728.78
|
51
|
NY
|
-2
|
19.74%
|
$247,302.35
|
$78,979.51
|
Additionally, LendingTree ranked 100 major US cities by down
payment percentages from lowest to highest. The top and
bottom ten are as follows:
Rank
|
Metro City
Area
|
Down Payment
%
|
Loan Amount
(AVG)
|
Down Payment
(AVG)
|
Monthly Payment
(AVG)
|
1
|
Shreveport,
LA
|
11.93%
|
$185,748.70
|
$25,843.26
|
$890.68
|
2
|
Birmingham et al,
AL
|
12.30%
|
$186,333.33
|
$32,356.36
|
$891.61
|
3
|
Toledo, OH
|
12.80%
|
$151,969.70
|
$17,465.15
|
$737.58
|
4
|
Dayton, OH
|
12.82%
|
$173,592.82
|
$21,290.84
|
$839.77
|
5
|
Roanoke-Lynchburg,
VA
|
12.88%
|
$169,395.54
|
$30,235.92
|
$806.69
|
6
|
Louisville,
KY
|
13.17%
|
$208,700.41
|
$36,754.13
|
$988.77
|
7
|
El Paso et al,
TX-NM
|
13.29%
|
$155,089.53
|
$24,395.35
|
$754.85
|
8
|
Tallahassee et al,
FL-GA
|
13.31%
|
$197,488.44
|
$28,469.65
|
$945.57
|
9
|
Lexington,
KY
|
13.32%
|
$203,835.69
|
$35,205.19
|
$958.95
|
10
|
Flint-Saginaw et al,
MI
|
13.36%
|
$169,468.99
|
$19,812.02
|
$820.10
|
Rank
|
Metro City
Area
|
Down Payment
%
|
Offered - Loan
Amount (AVG)
|
Offered - Down
Payment (AVG)
|
Offered - Monthly
Payment (AVG)
|
90
|
Honolulu,
HI
|
18.61%
|
$281,503.13
|
$51,650.00
|
$1,351.39
|
91
|
Los Angeles,
CA
|
19.04%
|
$320,381.35
|
$84,097.66
|
$1,540.11
|
92
|
Myrtle Beach et al,
SC
|
19.09%
|
$166,330.95
|
$39,702.38
|
$796.17
|
93
|
Austin, TX
|
19.27%
|
$241,602.15
|
$64,981.96
|
$1,151.99
|
94
|
W. Palm Beach et al,
FL
|
19.86%
|
$218,693.95
|
$57,860.79
|
$1,048.38
|
95
|
Reno, NV
|
20.30%
|
$229,410.55
|
$70,315.75
|
$1,100.40
|
96
|
New York,
NY
|
20.78%
|
$278,372.62
|
$85,380.74
|
$1,322.55
|
97
|
Ft. Myers-Naples,
FL
|
21.02%
|
$205,502.05
|
$62,122.89
|
$983.08
|
98
|
San Francisco et al,
CA
|
21.56%
|
$375,432.54
|
$117,322.63
|
$1,806.02
|
99
|
San Diego,
CA
|
21.57%
|
$312,037.67
|
$93,447.43
|
$1,498.88
|
100
|
Palm Springs,
CA
|
22.69%
|
$224,420.45
|
$59,884.74
|
$1,090.02
|
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, 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
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/down-payments-fall-slightly-in-q1-2016-300259347.html
SOURCE LendingTree