Down Payments: Percentages Trend Lower as Amounts Rise

By June 5, 2015Latest Insights

Posted To: MND NewsWire

Are those sought-after first-time homebuyers finally re-emerging? RealtyTrac said on Thursday that they may be the reason that the average percentage of down payments used to purchase single-family homes, condos, and townhomes in the first quarter of 2015 was at the lowest level in three years. On average homebuyers put down 14.8 percent of their home’s purchase price compared to 15.2 percent in the fourth quarter of 2014 and 15.5 percent a year earlier. This was the lowest average percentage for a down payment since the first quarter of 2012. “Down payment trends in the first quarter indicate that first time homebuyers are finally starting to come out of the woodwork, albeit it gradually ,” said Daren Blomquist, vice president at RealtyTrac. “New low down payment loan programs recently introduced…(read more)

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aggbug Down Payments: Percentages Trend Lower as Amounts Rise
Source: Mortgage News Daily