Magazine article Mortgage Banking

New Report Shows Average Down Payment Drops in Q1

Magazine article Mortgage Banking

New Report Shows Average Down Payment Drops in Q1

Article excerpt

The average down payment for home purchases dropped to a three-year low in the first quarter, according to a new report. Irvine, California-based RealtyTrac[R] released the report on June 4 showing the average down payment for single-family homes, condos and townhomes bought in the first quarter was 14.8 percent. That was down from 15.5 percent one year ago and was the lowest level since the first quarter of 2012.

The average down payment in dollars was $57,710 in the first quarter. That was up slightly from $57,618 in the prior quarter and down slightly from $57,992 in last year's first quarter, according to the company.

The share of low-down-payment loans rose throughout the quarter, according to RealtyTrac's Q1 2015 U.S. Home Purchase Down Payment Report. It went from 26 percent in January to 27 percent in February to 29 percent in March.

The report analyzed first-quarter down payments for purchase loans in 367 counties around the country with a population of at least 100,000 and with sufficient data. …

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