US Average House Down Payment Percentage Falls to 15.73% in Q3 2013
Press release from the issuing company
Monday, December 9th, 2013
According to a report released today by LendingTree, down payment percentages for 30-year fixed rate purchase mortgages continue to decline while home prices continue to rise. The study reveals that average down payments have dropped 2.74% since Q2 2013.
"Lenders are putting more focus on purchase mortgages and are adjusting minimum requirements to attract borrowers," saidDoug Lebda, LendingTree founder and CEO. "With home values improving, the risk of borrowers defaulting on loans has decreased, giving lenders more confidence to lend with less cash down from qualified borrowers."
An infographic released by LendingTree ranks each state according to the average down payment percentages offered to LendingTree customers. The top ten states with the lowest average down payment percentage for a 30-year fixed rate conventional loan are:
|
1. |
Nebraska |
12.5% |
|
2. |
South Dakota |
12.8% |
|
3. |
Arkansas |
12.9% |
|
4. |
Alabama |
12.9% |
|
5. |
Missouri |
13.1% |
|
6. |
North Dakota |
13.2% |
|
7. |
Ohio |
13.4% |
|
8. |
Indiana |
13.5% |
|
9. |
Tennessee |
13.5% |
|
10. |
West Virginia |
13.7% |
New Jersey (18.8%), California (18.6%), New York (18.0%), DC (17.9%) , and Massachusetts (17.5%) top the list with the highest average down payment percentages.
