|
|
|
|
Complete list of specialty news sections.
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.
Reach mortgage executives, loan originators and other people tied to mortgage industry.
Free mortgage news for prospective borrowers.
Free e-mail newsletter with the latest headlines from MortgageDaily.com.
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.
Archive of MortgageDaily.com stories by month going back to 1999.
Reports and announcements from MortgageDaily.com.
Data and statistics for real estate finance.
Directories of lenders, branch operators and mortgage service providers.
Directories of lenders, branch operators and mortgage service providers.
|
|
|
|
Real Estate News | Real Estate Statistics
Residential real estate news and coverage of how residential real estate impacts the mortgage industry and residential mortgage-backed securities.
|
Downpayments Declining
Lenders easing requirements
Nov. 13, 2013
By Mortgage Daily staff
|
A quarterly drop in the average size of down payments on house purchases suggests easing by mortgage lenders.
The average U.S. borrower made a 15.73 percent down payment on their home purchase during the third quarter of this year.
The average reflected residential loan borrowers who took out a 30-year, fixed-rate mortgage to finance a purchase.
LendingTree, which reported the statistics Tuesday, said average down payments declined 2.74 percent from the second quarter.
"Lenders are putting more focus on purchase mortgages and are adjusting minimum requirements to attract borrowers," LendingTree Founder and Chief Executive Officer Doug Lebda said in the announcement. "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."
Average down payments were lowest in Nebraska at 12.49 percent.
South Dakota was close behind at 12.84 percent.
After that was 12.88 percent in Arkansas, 12.89 percent in Alabama and 13.12 in Missouri.
At the other end of the scale was New Jersey, where down payments averaged 18.79 percent. |
next story
back to current headlines
|
|
|