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Average American putting less money down when buying a home

Each quarter, LendingTree compares average down payment percentages and conventional 30-year, fixed-rate purchase mortgage offer amounts across the country. 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 around $28,000. Alaska’s down payment percentage was 15.41%, averaging $36,476. West Virginia’s down payment percentage was 15.44%, averaging $21,415. Mississippi’s down payment percentage was 15.78%, averaging $22,964. California’s down payment percentage was 21.44%, averaging $97,809. Hawaii’s down payment percentage was 21.32%, averaging $69,923. Delaware’s down payment percentage was 21.29%, averaging $51,678.

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