Average Down Payments Increase Amid Busy Home Buying Season
The average down payment percentage and amount for all purchase mortgages, including FHA,
"The housing marketing is experiencing growth with sales of new and existing homes climbing year-over-year," said
The average down payment on an FHA mortgage in the first quarter was 8.12 percent, or
The ten states with the lowest average down payment percentage for a 30-year fixed rate conventional loan are:
Rank |
State |
Quarterly |
Down |
Offered - Loan |
Offered - Down |
1 |
WV |
2 |
13.57% |
|
|
2 |
MS |
-1 |
14.57% |
|
|
3 |
KY |
2 |
14.74% |
|
|
4 |
AR |
9 |
14.80% |
|
|
5 |
LA |
17 |
15.29% |
|
|
6 |
AL |
-4 |
15.40% |
|
|
7 |
IA |
-3 |
15.43% |
|
|
8 |
TN |
13 |
15.62% |
|
|
9 |
MN |
21 |
15.64% |
|
|
10 |
MO |
4 |
15.76% |
|
|
The ten states with the highest average down payment percentage for a 30-year fixed rate conventional loan offers are:
Rank |
State |
Quarterly |
Down |
Offered - Loan |
Offered - Down |
42 |
VT |
3 |
17.98% |
|
|
43 |
MT |
-26 |
18.00% |
|
|
44 |
MA |
2 |
18.18% |
|
|
45 |
CO |
-1 |
18.57% |
|
|
46 |
HI |
2 |
18.96% |
|
|
47 |
CT |
-5 |
19.28% |
|
|
48 |
AK |
-19 |
19.69% |
|
|
49 |
NY |
2 |
19.98% |
|
|
50 |
CA |
0 |
20.20% |
|
|
51 |
NJ |
-2 |
20.46% |
|
|
Additionally,
Rank |
Metro City Area |
Down |
Loan Amount |
Down Payment |
Monthly Payment |
1 |
|
13.28% |
|
|
|
2 |
|
14.43% |
|
|
|
3 |
|
14.67% |
|
|
|
4 |
|
14.79% |
|
|
|
5 |
|
14.92% |
|
|
|
6 |
|
14.96% |
|
|
|
7 |
|
15.07% |
|
|
|
8 |
|
15.07% |
|
|
|
9 |
|
15.09% |
|
|
|
10 |
|
15.10% |
|
|
|
Rank |
Metro City Area |
Down |
Offered - Loan |
Offered - Down |
Offered - Monthly |
91 |
|
19.23% |
|
|
|
92 |
|
19.41% |
|
|
|
93 |
|
19.81% |
|
|
|
94 |
|
19.92% |
|
|
|
95 |
|
20.21% |
|
|
|
96 |
|
20.85% |
|
|
|
97 |
|
20.89% |
|
|
|
98 |
|
21.18% |
|
|
|
99 |
|
23.23% |
|
|
|
100 |
|
25.15% |
|
|
|
About
MEDIA CONTACT:
Megan.Greuling@LendingTree.com
704-943-8208
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SOURCE
News Provided by Acquire Media