According to a new report, San Diego ranks among the top ten metropolitan markets in the U.S. with the highest median down payments on single-family homes and condos purchased with financing in Q3 2021. ATTOM’s Q3 2021 U.S. Residential Property Mortgage Origination Reports shows that down payments have risen at an unprecedented rate nationwide as home prices sit near record highs.
The report notes that the ratio of down payments to median home prices in Q3 was at it’s highest level since at least 2005. Down payment sizes are up 5.8 percent from Q2 and 41 percent from Q3 2020. The national median down payment was $27,500 in the last quarter.
This amount, however, was dwarfed by the median down payment in San Diego which was $134,000. San Jose-Sunnyvale-Santa Clara topped the list of biggest down payments at $336,700.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.25 percent.
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