As demand outpaced supply in the third quarter, the amount of money consumers put down to buy a home ticked up, according to LendingTree.
The average down payment on a conventional 30-year fixed-rate mortgage
The trend was driven by a rise in demand in certain markets, and the prospects of an interest rate increase by the Federal Reserve in the coming months, according to LendingTree founder and chief executive Doug Lebda.
"Homebuyers will often bolster their buying credentials by offering a larger down payment," he noted in a press release. "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."
