Key Highlights
- Most recent Residential Property Mortgage Origination Report by ATTOM Data Solutions points to top markets generating highest median down payments in Q3 2020
- Median down payment on single-family homes and condos acquired with financing increased +48.9% from Q2 2020 and +68.8% from Q3 2019, highest level recorded since at least 2000
As home sale prices continued to accelerate during Q3 2020, median down payments followed suit. The median down payment in Q3 2020 increased +6.6% to $20,775 from Q2 2020 when it increased +5% and up from +4.7% in Q3 2019. Likewise, the median loan amount in Q3 2020 came in at $275,500, a new high since 2020. Compared to Q2 2020, the median loan amount increased +10.3% and +24.2% compared to the median loan amount in Q3 2019.
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The top 10 metros with the highest median down payments in Q3 2020, according to ATTOM, included:
- San Francisco-Oakland-Hayward CA at $243,000
- Los Angeles-Long Beach-Anaheim CA at $154,000
- Oxnard-Thousand Oaks-Ventura CA – $138,300
- Boulder CO – $123,600
- Santa Rosa CA – 4118,550
- San Diego-Carlsbad CA – $112,000
- Bridgeport-Stamford-Norwalk CT – $106,00
- Boston-Cambridge-Newton MA-NH – $76,000
- Naples-Immokalee-Marco Island FL – $76,000
- Fort Collins CA – $69.125
With interest rates coming in under 3% for a 30-year fixed-rate loan originated during Q3 2020, home mortgages represented some $974.1B in total dollar volume, an increase of +20% from Q2 2020 and an increase of +52% from Q3 2019, the highest since 2005.
Not bad numbers for the mortgage business, particularly during a pandemic.
Thanks to ATTOM Data Solutions.
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