Wednesday, November 13, 2024
Hawai'i Free Press

Current Articles | Archives

Friday, November 2, 2018
Hawaii 2nd Highest Down Payment Percentage in USA
By Selected News Articles @ 10:45 PM :: 4415 Views :: Hawaii Statistics, Cost of Living

LendingTree Ranks Down Payment Affordability by State

by Tendayi Kapfidze, LendingTree, October 22nd, 2018

New LendingTree study ranks the states with the highest and lowest average down payment and down payment percentages for conventional 30-year, fixed-rate mortgages.

The average down payment on a U.S. home fell in the third quarter, though down payments as a percentage of purchase price remained about the same. Every quarter, LendingTree, the nation’s leading online loan marketplace, compares the average down payment percentages and amounts for conventional 30-year, fixed-rate purchase mortgage offers across the country. By finding these averages, we hope to give potential homebuyers an idea of what they can expect to put down when buying a home.

Key findings

Average down payment percentages for conventional 30-year, fixed-rate purchase mortgage offers stayed about the same from the second quarter to the third quarter, rising 0.03 percentage points (18.02% to 18.05%).
At the same time, average down payment amounts decreased nearly 10% in the third quarter, falling from $52,480 to $47,265.
The average loan amount offered to potential homebuyers fell around $28,000 from $285,903 in Q2 to $257,749 in Q3.

What does this mean for you?

If you’re looking to buy a home, sell the one you’re currently in or just stay where you are, these findings could have an impact on you.

If you are buying a home
As LendingTree’s data show, the average down payment for a home is decreasing and loan amounts fell. This is good news if you are looking to buy, as it means that you will need to save less money for a down payment. If high down payments have deterred you from buying a home in the past, now might be a good time to reconsider your options.

If you are selling a home
Recent data shows that home prices are not growing as fast as they have been over the past few years. As a result, if you are looking to sell your home, now might be a good time to do it. Waiting too long to sell could end up costing you, especially if this trend continues and home prices start to fall.

If you are staying in your current home
Even if you are not currently in the market to buy or sell a home, this data could still have impact on you, as down payments are a function of home prices. If home prices begin to fall, then you might want to reconsider
refinancing or taking out a home equity loan. If you are planning on using your home as a retirement asset, then knowing its value will help you better plan for your future.

read … Full Report

Rank State Down Payment % Quarterly Down Payment Change % LTV Proposed (AVG) Offered - Loan Amount (AVG) Offered - Down Payment (AVG)
1 California 21.44% 0.32% 78.56% $456,146 $97,809
2 Hawaii 21.32% 0.08% 78.68% $328,046 $69,923
Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii Military History

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Together

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

July 4 in Hawaii

Land and Power in Hawaii

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

MentalIllnessPolicy.org

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Parents Org Hawaii

NFIB Hawaii News

NRA-ILA Hawaii

Obookiah

OHA Lies

Opt Out Today

Patients Rights Council Hawaii

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

RailRipoff.com

Rental by Owner Awareness Assn

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

School Choice in Hawaii

SenatorFong.com

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii