The average down payment on a U.S. home fell in the third quarter, according the latest data collected from digital loan sourcing site LendingTree.
Each quarter, LendingTree compares average down payment percentages and conventional 30-year, fixed-rate purchase mortgage offer amounts across the country. They found that the average down payment decreased nearly 10% in the third quarter — falling from $52,480 to $47,265.
According to the report, despite a decrease in payment amount, down payments as a percentage of purchase price remained relatively the same.
The report indicates that the average down payment percentages for conventional 30-year, fixed-rate purchase mortgage offers rose 0.03 percentage points, inching forward from 18.02% to 18.05%. Furthermore, the average loan amount offered to potential homebuyers fell from $285,903 in Q2 to $257,749 in Q3, dropping…