LendingTree®, the Charlotte-based online loan marketplace, average down payment percentages for conventional 30-year fixed rate purchase mortgage offers fell slightly in the first quarter to an average of 16.64%, down from 17.46% in the prior quarter and 16.98% from the same period last year. 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 for all purchase mortgages, including FHA, VA, non-prime, and jumbo mortgages in the first quarter was $44,058, or 12.18% of the home's purchase price.
"Despite seasonality, home sales improved year-over-year, while low inventories fueled price growth in many markets," said Doug Lebda, founder and CEO of LendingTree. "According to the National Association of Realtors, pending home sales rebounded in February, and existing home sales surged in March. This momentum suggests a strong spring home-buying season given low mortgage rates, improved housing inventory levels and growing consumer confidence."
The average down payment on an FHA mortgage in the first quarter was 8.74%, or $16,998, representing a slight increase from Q1 2015. The average down payment on a jumbo mortgage was 23.89%, or $194,950 in Q1 2016.
LendingTree has ranked each state according to the conventional average down payment percentages offered to LendingTree customers from lowest to highest. 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:
The ten states with the highest average down payment percentage for a 30-year fixed rate conventional loan offers are:
Additionally, LendingTree ranked 100 major US cities by down payment percentages from lowest to highest. The top and bottom ten are as follows: