Down payments increased in size in the second quarter, as competition for homes picked up this summer, according to LendingTree.
The average down payment percentage on a conventional 30-year fixed-rate mortgage
The average down payment for all mortgage types was $44,366, or 15.15% of the purchase price.
"The spring and summer home buying season naturally creates more demand in the housing market," Doug Lebda, LendingTree's chief executive, said in a news release.
"With a more competitive housing market, it is common to see down payments rise."
The average down payment on a Federal Housing Administration loan was $13,350, or 7.86% of the total mortgage. The average down payment on a jumbo mortgage was $215,909, or 23.61%.
Among all states and the District of Columbia, South Dakota had the lowest average down payment percentage in the second quarter, at 14.13%. The District of Columbia had the highest, at 21.03%, followed by New Jersey at 20.14%.
