LendingTree Reports US Average Down Payment Falls to 15.73% in Q3 2013
CHARLOTTE, NC (November 13, 2013) – According to a report released today by LendingTree, down payment percentages for 30-year fixed rate purchase mortgages continue to decline while home prices continue to rise. The study reveals that average down payments have dropped 2.74% since Q2 2013.
“Lenders are putting more focus on purchase mortgages and are adjusting minimum requirements to attract borrowers,” said Doug Lebda, LendingTree founder and CEO. “With home values improving, the risk of borrowers defaulting on loans has decreased, giving lenders more confidence to lend with less cash down from qualified borrowers.”
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:
New Jersey (18.8%), California (18.6%), New York (18.0%), DC (17.9%), and Massachusetts (17.5%) top the list with the highest average down payment percentages.
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.