LendingTree recently released its down payment report November 18, which found the average down payment amount rose quarter-over-quarter to $48,924. The online loan marketplace found average down payment percentages for conventional 30-year fixed-rate mortgages rose to an average 17.63 percent in quarter three from 17.34 percent in the previous quarter and 16.29 percent from the third quarter of 2014.
“During the third quarter, the housing market thrived in certain markets as consumer demand outweighed supply,” said Doug Lebda, founder and CEO of LendingTree, in a statement. “For potential buyers who are eyeing the market today, rates are beginning to trend upwards as we inch closer to the new year and a potential Fed rate hike.”
Ranked no. 38 for down payment affordability, Illinois slid back one spot in the ranking for conforming loans from Q2 to Q3, but upticked one spot to no. 43 for total purchase.
- The down payment percentage for conforming loans in Q3 was 17.62 percent, which is a 0.60 percent uptick.
- The offered average interest rate is 4.19 percent, with a down payment of $46,885.32 and loan amount of $215,519.99.
- Total purchase down payment quarterly rate in Illinois dropped 0.15 percent to 15.72 percent, bumping the state’s ranking up one spot in affordability.