Down Payment Data Seesaws in Q4

The average down payment amount during the fourth quarter of 2015 increased to $51,721, an considerable rise from the previous quarter's average of $48,924, according to new data released by LendingTree. However, average down payment percentages for conventional 30-year fixed rate purchase mortgage offers dropped slightly from 17.63 percent in the third quarter to 17.46 percent in the fourth quarter.
West Virginia led the nation as the state with the lowest average down payment percentage for a 30-year fixed rate conventional loan at 13.57 percent, while New Jersey and California were at the opposite side of the spectrum with 20.46 percent and 20.20 percent, respectively.
"The fourth quarter marked another period of housing market improvement, where home values continued to rise for most markets," said Doug Lebda, founder and CEO of LendingTree. "Higher home prices mean larger down payment amounts, even though down payment percentages remain fairly flat. As we continue to see the housing market improve, current homeowners who have postponed a move may be more inclined to sell, creating more housing inventory for buyers across different price distributions."