The median down payment for a US residential mortgage was 7.1% as of Q4 2017
According to Attom, the median down payment increases 20 percent from year ago
The median down payment on single family homes and condos purchased with financing in Q4 2017 was $18,000, down from a record high $19,100 in the previous quarter but up 20 percent from $14,950 in Q4 2016.
The median down payment of $18,000 was 7.1 percent of the median sales price of the homes purchased with financing during the quarter, down from a four-year high OF 7.3 percent in the previous quarter but still up from 6.2 percent in Q4 2016.
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“The median down payment in the greater Seattle area of 14.1 percent is twice the national average and continuing to rise,” said Matthew Gardner, chief economist at Windermere Real Estate covering Seattle. “This is good news for homeowners in our market as it provides them with a layer of protection should home prices see a downturn in the future.”
Among 143 metropolitan statistical areas analyzed for down payments, those with the biggest median down payments were San Jose, California ($268,000); San Francisco, California ($174,500); Santa Rosa, California ($123,450); Los Angeles, California ($119,800); and Ventura, California ($107,000).
Hey buddy, can you spare a quarter of a million dollars for a down payment in San Jose?
This coindices with the peak quarters of the US home flipping in late 2005.
As of Q4 2017, Wells Fargo continues to be the leader in mortgage purchase originations with Quicken Loans being the leader in mortgage refis.
Quicken has Rocket Mortgage. Wells Fargo has Wells Fargo Express!!~
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