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Average down payments rise slightly as housing market improves

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Staff writer | Thursday July 30, 2015 6:45AM ET
Housing market
Statistics   Average down payment percentages 17.34 percent

According to LendingTree, the nation's leading online loan marketplace, average down payment percentages for conventional 30-year fixed rate purchase mortgage offers rose slightly in Q2 to an average of 17.34 percent, up from 16.98 percent in Q1 2014.


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The average down payment amount also rose quarter-over-quarter to $44,204, a marginal increase from the $44,007 of the previous quarter. The average down payment for all purchase mortgages, including FHA, VA, non-prime, and jumbo mortgages in the second quarter was $44,366 or 15.15 percent.

"The spring and summer home buying season naturally creates more demand in the housing market," said Doug Lebda, founder and CEO of LendingTree.

"With a more competitive housing market, it is common to see down payments rise. However, we also saw volume for FHA loans increase a little over five percent quarter over quarter, signaling more first time homebuyers entering the market.

"For potential buyers who have been sitting on the fence, it's still a good time to explore the housing market as interest rates remain historically low."

The average down payment on an FHA mortgage in the second quarter was 7.86 percent, or $13,350 while the average down payment on a jumbo mortgage was 23.61 percent, or $215,909.

 

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