The latest quarterly report from LendingTree finds that down payments on U.S. homes continues to decrease. For a 30-year, fixed-rate mortgage, buyers are putting down 10 percent less in the third quarter.
Even though the amount that buyers are putting down is decreasing, from $52,480 to $47,265, it accounts for about the same share of purchase price is it did in previous quarters. The average down payment share for a conventional 30-year fixed-rate mortgage increased 0.03 percent in the quarter to 18.05 percent, and the average loan amount offered to buyers decreased to $257,749 from $285,903 in the second quarter, HousingWire reports.
When it came to offering the lowest down payments, Alaska, West Virginia and Mississippi took the lead. Alaska’s down payment percentage was 15.41 percent, averaging $36,476. The average loan offer amount was $236,643. West Virginia’s down payment percentage was 15.44 percent, averaging $21,415. The average loan offer amount was $138,696. Mississippi’s down payment percentage was 15.78 percent, averaging $22,964. The average loan offer amount was $145,523. However, when it came to offering the highest average own payments, California, Hawaii and Delaware reigned over all.