As housing demand and competition among homebuyers rises, they are more compelled to bring a larger down payment to the closing table, which could potentially increase their chances of getting the home, avoid delays, build equity in the home, and lower monthly payments.
LendingTree's latest national down payment report showed that the average down payment percentage for a conventional 30-year fixed rate purchase mortgage reached 17 point 63 percent in the third quarter, up from 17 point 34 percent in the second quarter. The average down payment amount increased from 44 thousand 204 dollars in the second quarter to 48 thousand 924 dollars in the third quarter.
First American Financial Corp., recently released their Existing-Home Sales Capacity model for October 2015. According to the data, the existing home sales capacity rate fell by 3 point 1 percent in October from the previous month. Year-over-year, the model decreased by 7 point 3 percent. The seasonally adjusted, annualized rate of existing-home sales capacity has risen to 73 point 6 percent from the all-time low recorded in February 2009.