Down Payments Fall Slightly In Q1 2016
The average down payment for all purchase mortgages, including FHA,
"Despite seasonality, home sales improved year-over-year and while low inventories fueled price growth in many markets," said
The average down payment on an FHA mortgage in the first quarter was 8.74 percent, or
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% |
|
|
2 |
ND |
23 |
13.50% |
|
|
3 |
AL |
3 |
14.13% |
|
|
4 |
KY |
-1 |
14.25% |
|
|
5 |
MO |
5 |
14.31% |
|
|
6 |
AR |
-2 |
14.43% |
|
|
7 |
WV |
-6 |
14.49% |
|
|
8 |
TN |
0 |
14.58% |
|
|
9 |
IN |
3 |
14.64% |
|
|
10 |
OH |
6 |
14.71% |
|
|
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% |
|
|
43 |
WA |
-3 |
16.82% |
|
|
44 |
RI |
-7 |
16.84% |
|
|
45 |
CT |
2 |
17.91% |
|
|
46 |
MA |
-2 |
18.04% |
|
|
47 |
DC |
-19 |
18.50% |
|
|
48 |
NJ |
3 |
19.29% |
|
|
49 |
HI |
-3 |
19.44% |
|
|
50 |
CA |
0 |
19.56% |
|
|
51 |
NY |
-2 |
19.74% |
|
|
Additionally,
Rank |
Metro City Area |
Down Payment % |
Loan Amount (AVG) |
Down Payment (AVG) |
Monthly Payment (AVG) |
1 |
|
11.93% |
|
|
|
2 |
Birmingham et al, AL |
12.30% |
|
|
|
3 |
|
12.80% |
|
|
|
4 |
|
12.82% |
|
|
|
5 |
|
12.88% |
|
|
|
6 |
|
13.17% |
|
|
|
7 |
|
13.29% |
|
|
|
8 |
|
13.31% |
|
|
|
9 |
|
13.32% |
|
|
|
10 |
Flint- |
13.36% |
|
|
|
Rank |
Metro City Area |
Down Payment % |
Offered - Loan Amount (AVG) |
Offered - Down Payment (AVG) |
Offered - Monthly Payment (AVG) |
90 |
|
18.61% |
|
|
|
91 |
|
19.04% |
|
|
|
92 |
|
19.09% |
|
|
|
93 |
|
19.27% |
|
|
|
94 |
W. |
19.86% |
|
|
|
95 |
|
20.30% |
|
|
|
96 |
|
20.78% |
|
|
|
97 |
|
21.02% |
|
|
|
98 |
|
21.56% |
|
|
|
99 |
|
21.57% |
|
|
|
100 |
|
22.69% |
|
|
|
About
MEDIA CONTACT:
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
News Provided by Acquire Media