CHARLOTTE, N.C., Sept. 7,
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 rose slightly in the
second quarter to an average of 17.13 percent. This represents an
increase from the prior quarter (16.64%) and a slight decline from
the same period last year (17.34%). 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 percentage and amount for all purchase
mortgages, including FHA, VA, non-prime, and jumbo mortgages in the
second quarter increased slightly quarter-over-quarter from 12.18
percent and $44,058 to 12.33 percent
and $44,080.85,
respectively.
"The housing marketing is experiencing growth with sales of new
and existing homes climbing year-over-year," said Doug Lebda, founder and CEO of LendingTree. "Low
mortgage rates, steady job growth and more options for affordable
and entry-level are attracting home buyers to the market.
Interestingly, we saw a 43.2 percent increase in loan requests from
first-time home buyers year over year. With competition in many
markets heating up, down payment percentages are trending upwards,
making a transaction more attractive to sellers and giving buyers a
head start in building equity in their new home."
The average down payment on an FHA mortgage in the first quarter
was 8.12 percent, or $16,793.13,
representing a slight increase from Q2 2015. The average down
payment on a jumbo mortgage was 23.91 percent, or $162,500 in the second quarter.
LendingTree has ranked each state according to the average down
payment percentages offered to LendingTree customers for a
conventional mortgage. 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
|
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 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
|
VT
|
3
|
17.98%
|
$180,376.90
|
$29,034.26
|
43
|
MT
|
-26
|
18.00%
|
$199,687.67
|
$33,482.57
|
44
|
MA
|
2
|
18.18%
|
$254,506.84
|
$53,814.45
|
45
|
CO
|
-1
|
18.57%
|
$238,491.33
|
$62,927.11
|
46
|
HI
|
2
|
18.96%
|
$297,329.68
|
$60,036.55
|
47
|
CT
|
-5
|
19.28%
|
$229,474.47
|
$52,741.70
|
48
|
AK
|
-19
|
19.69%
|
$214,453.75
|
$51,141.25
|
49
|
NY
|
2
|
19.98%
|
$245,985.46
|
$77,767.16
|
50
|
CA
|
0
|
20.20%
|
$298,518.51
|
$89,674.44
|
51
|
NJ
|
-2
|
20.46%
|
$253,516.23
|
$68,571.41
|
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
|
Winston-Salem,
NC
|
13.28%
|
$176,780.65
|
$26,100.00
|
$836.18
|
2
|
Little Rock,
AR
|
14.43%
|
$194,531.98
|
$23,260.17
|
$918.60
|
3
|
Tulsa, Ok
|
14.67%
|
$185,704.35
|
$28,495.65
|
$885.03
|
4
|
Lancaster,
PA
|
14.79%
|
$175,416.15
|
$41,562.11
|
$827.49
|
5
|
Charleston,
SC
|
14.92%
|
$212,245.65
|
$29,728.80
|
$1,014.13
|
6
|
Corpus Christi,
TX
|
14.96%
|
$187,963.10
|
$26,154.48
|
$893.11
|
7
|
Provo, UT
|
15.07%
|
$243,304.52
|
$44,785.90
|
$1,133.13
|
8
|
St. Louis,
MO
|
15.07%
|
$199,462.57
|
$42,426.92
|
$951.66
|
9
|
Albuquerque,
NM
|
15.09%
|
$219,239.96
|
$28,255.58
|
$1,038.89
|
10
|
Columbus,
OH
|
15.10%
|
$207,673.37
|
$41,810.61
|
$992.06
|
Rank
|
Metro City
Area
|
Down
Payment %
|
Offered - Loan
Amount (AVG)
|
Offered - Down
Payment (AVG)
|
Offered -
Monthly
Payment (AVG)
|
91
|
Cape Coral-Fort
Myers, FL
|
19.23%
|
$198,029.11
|
$46,880.71
|
$935.41
|
92
|
Thousand Oaks,
CA
|
19.41%
|
$332,864.50
|
$99,816.79
|
$1,570.41
|
93
|
Stamford,
CT
|
19.81%
|
$261,495.87
|
$73,326.06
|
$1,244.11
|
94
|
Boulder,
CO
|
19.92%
|
$269,942.05
|
$69,591.06
|
$1,264.07
|
95
|
Boston, MA
|
20.21%
|
$274,007.05
|
$64,899.81
|
$1,288.79
|
96
|
New York Metro Area,
NY
|
20.85%
|
$272,950.89
|
$79,475.18
|
$1,275.23
|
97
|
Naples, FL
|
20.89%
|
$212,043.15
|
$64,024.11
|
$998.24
|
98
|
Los Angeles-Long
Beach, CA
|
21.18%
|
$330,367.91
|
$111,737.57
|
$1,565.26
|
99
|
San Francisco,
CA
|
23.23%
|
$348,951.12
|
$128,850.81
|
$1,650.99
|
100
|
San Jose et al,
CA
|
25.15%
|
$353,803.89
|
$123,052.78
|
$1,670.43
|
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
65 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
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SOURCE LendingTree