With higher home prices, home buyers also are bringing higher down payments. On average, buyers in the country's 50 largest metro areas brought $46,283 to closing, according to a new study from LendingTree.
In some areas, average down payments are much higher. For example, in San Jose, Calif., and San Francisco, the average down payment is more than $100,000—the highest in the country. In San Jose, home buyers bring an average of $115,138 or 88% of the median annual household income in the area; in San Francisco, buyers bring an average of $103,016 or 90% of the area’s median household income.
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On the other hand, Oklahoma City, New Orleans, and St. Louis have the lowest down payments in the country at $28,267, $29,371, and $29,958, respectively.
Nationwide, down payments on a home amount to about 62% of a given area’s median yearly household income, according to LendingTree.
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View the chart below for a breakdown of the average down payments on homes across the 50 largest metros.
Mortgage Rates in Holding Pattern
For the ninth consecutive week, mortgage rates stayed below 2.9%. But even with historically low mortgage rates, home buying may be following a more typical seasonal pattern of cooling off, Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS®, writes on the association’s Economists’ Outlook blog.
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“Buyers and sellers typically do not want to move their family in the middle of the school year, and they usually wait until its end so they have more free time for moving,” she wrote. Sales typically drop by 15% between August and September, she said. “Even with historically low rates, it’s normal to see the market cooling off in the following months,” she added. NAR has forecast existing-home sales to drop by 10% in the last quarter of this year.
Mortgage Demand Hits Two-Month Low
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“While the economy continues to grow, it has lost momentum over the last two months due to the current wave of new COVID cases that has led to weaker employment, lower spending and declining consumer confidence,” said Sam Khater, Freddie Mac’s chief economist. “Consequently, mortgage rates dropped early this summer and have stayed steady despite increases in inflation caused by supply and demand imbalances. The net result for housing is that these low and stable rates allow consumers more time to find the homes they are looking to purchase.”
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Freddie Mac reports the following national averages with mortgage rates for the week ending Sept. 9:
30-year fixed-rate mortgages: averaged 2.88%, with an average 0.7 point, climbing slightly from last week’s 2.87% average. Last year at this time, 30-year rates averaged 2.86%.
15-year fixed-rate mortgages: averaged 2.19%, with an average 0.6 point, rising slightly from last week’s 2.18% average. A year ago, 15-year rates averaged 2.37%.
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5-year hybrid adjustable-rate mortgages: averaged 2.42%, with an average 0.3 point, dropping slightly from last week’s 2.43% average. A year ago, 5-year ARMs averaged 3.11%.
Freddie Mac reports average commitment rates along with average points to better reflect the total upfront cost of obtaining the mortgage.
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