Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
667,466-14,684
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.91%0.02
Mortgage

[Infographic] New York and California led nation in highest down payments

Average down payments rise across the board

Both New York and California on average require more than a 20% down payment for the average 30-year, fixed-rate conventional loan, a new report from Lending Tree found.  

Overall, the report found that average down payment percentages for conventional 30-year, fixed rate purchase mortgage offers increased to an average of 17.63% in the third quarter, slightly up from 17.34% in the previous quarter and 16.29% a year ago.

Similarly, the average down payment amount also grew to $48,924 quarter-over-quarter, surging from $44,204 last quarter.

On the other side, the report said the average down payment on an Federal Housing Administration mortgage in the second quarter was 7.99%, or $15,391, which is marginally up from the previous quarter.

"During the third quarter, the housing market thrived in certain markets as consumer demand outweighed supply," said Doug Lebda, founder and CEO of LendingTree.

“In competitive housing markets, homebuyers will often bolster their buying credentials by offering a larger down payment. Not only could this improve a buyer's chances of securing the home, but could also help avoid delays in closing, create built-in equity and generate lower monthly payments,” added Lebda.

This infographic shows the ten states with the lowest and highest average down payment percentage for a 30-year fixed rate conventional loan.

Click to enlarge

infographic

(Source: LendingTree)

Check here to see the 5 common down payment misconceptions, with one of them being that homebuyers don’t need to put 20% down. There options for borrowers. 

Most Popular Articles

Latest Articles

loanDepot’s Frank Martell on building lifelong consumer relationships through technology 

In this week’s episode of the Power House podcast, HousingWire President Diego Sanchez sits down for a tantalizing conversation with Frank Martell, the president and CEO of loanDepot, to discuss the company’s profitability in the third quarter of 2024 and its Project North Star growth plan for 2025.

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please