CHARLOTTE, N.C., Sept. 10, 2014 /PRNewswire/ -- According to a report released today by LendingTree, down payment percentages for conventional 30-year fixed rate purchase mortgages increased in the second quarter to an average of 17.28%, up from 15.78% in Q1 2014. Additionally, the average down payment amount also increased, from $34,733 in Q1 2014 to $37,576 in Q2.
"We've seen an overall downward trend in down payments over the past 18 months, but appreciating home prices and pent-up demand has brought borrowers back into the housing market with more funds available for a down payment," said Doug Lebda, founder and CEO of LendingTree. "Additionally, in certain markets, a competitive real estate environment may be forcing some homebuyers to put more money down in order to strengthen their offers. However, the slight uptick in down payments is a positive sign for the housing market as homeowners will realize lower monthly payments, quickly build equity, and reduce risk for lenders."
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:
|
Rank
|
State
|
Down Payment Percentage
|
Down Payment Amount
|
|
1
|
WV
|
14.42%
|
$25,181.12
|
|
2
|
AR
|
14.52%
|
$26,760.99
|
|
3
|
NE
|
14.73%
|
$28,482.97
|
|
4
|
MS
|
14.84%
|
$26,889.08
|
|
5
|
SD
|
15.13%
|
$24,731.00
|
|
6
|
GA
|
15.17%
|
$31,216.03
|
|
7
|
KY
|
15.28%
|
$25,228.14
|
|
8
|
WY
|
15.34%
|
$30,476.68
|
|
9
|
KS
|
15.42%
|
$29,117.16
|
|
10
|
ID
|
15.47%
|
$29,410.20
|
Infographic link:
http://marketing.lendingtree.com/pdfs/Down+Payment+Q2.pdf
About LendingTree, LLC
LendingTree, LLC is the nation's leading online source for competitive home loan offers, empowering consumers during the mortgage, refinance or auto loan process. LendingTree provides an online marketplace which connects consumers with multiple lenders that compete for their business, as well as an array of online tools and information to help consumers find the best loan. Since inception, LendingTree has facilitated more than 30 million loan requests and $214 billion in closed loan transactions. LendingTree provides access to lenders offering mortgages and refinance loans, home equity loans/lines of credit, and more. LendingTree, LLC is a subsidiary of Tree.com, Inc. (NASDAQ: TREE). For more information go to www.lendingtree.com, dial 800-555-TREE, join our Facebook page and/or follow us on Twitter @LendingTree.
MEDIA CONTACT:
Megan Greuling
(704) 943-8208
Megan.Greuling@tree.com
Photo - http://photos.prnewswire.com/prnh/20140909/144662
SOURCE LendingTree