The average down payment percentage rose 49 basis points for a conventional 30-year fixed-rate mortgage between the first and second quarters, according to LendingTree.
The Charlotte, N.C.-based lead generation firm said the average down payment percentage for this loan type was 17.13% in the second quarter, up from 16.64% in the first quarter and down from 17.34% from a year earlier. In terms of a dollar amount, the average down payment fell to $49,839 from $51,721 in the first quarter, but was up from $44,007 last year.
"With competition in many markets heating up, down payment percentages are trending upwards, making a transaction more attractive to sellers and giving buyers a head start in building equity in their new home," LendingTree Chief Executive Doug Lebda said in a news release.
Additionally, LendingTree found that the average down payment percentage and amount for all types of purchase mortgages — including FHA, VA, subprime and jumbo loans — was up to 12.33% and $44,081 in the second quarter from 12.18% and $44,058 in the first quarter.
On a state basis, West Virginia has the lowest average down payment percentage for a 30-year fixed-rate conventional loan at 13.57%, while New Jersey had the highest at 20.46%.
