Down payments as a percentage of the price remained about the same
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Average down payment amounts for conventional 30-year, fixed-rate purchase mortgage offers declined during the third quarter, while down payments as a percentage of the price stayed about the same, according to an analysis by LendingTree.
Average amounts fell by almost 10% during the third quarter, decreasing to $47,265 from $52,480. At the same time, average down payment percentages were steady from the second quarter, rising 0.03 percentage points to 18.05% from 18.02%.
The average loan amount offered to potential homebuyers fell around $28,000 to $257,749 in the third quarter from $285,903 in the prior period.
Alaska recorded the lowest average down payment by percentage at 15.41%. The state’s average offered down payment was $36,476 given an average offered loan amount of $236,643. The lowest average down payment by amount was $21,415 in West Virginia. The state had an average percentage of 15.44% on an average offered loan amount of $138,696.
California had the highest average down payment by percentage at 21.44%. The state also recorded the highest average down payment by amount. California had an average offered down payment of $97,809 on an average offered loan amount of $454,146.
"The average down payment on a US home fell in the third quarter, though down payments as a percentage of purchase price remained about the same," LendingTree Chief Economist Tendayi Kapfidze said. "Every quarter, LendingTree, the nation's leading online loan marketplace, compares the average down payment percentages and amounts for conventional 30-year, fixed-rate purchase mortgage offers across the country. By finding these averages, we hope to give potential homebuyers an idea of what they can expect to put down when buying a home."
