Sorry, New York—even New Jersey trumps you in terms of cost.
According to the personal finance site LendingTree.com, the state with the highest average residential down payments is New Jersey at 13.76 percent. North Dakota, unsurprisingly, had the lowest average at 11.37 percent.
Here's a rundown of the rest of the top five locations with the highest average mortgage down payments:
Washington D.C. (13.54 percent)
New York (13.51 percent)
Hawaii (13.37 percent)
California (13.25 percent)
The South stole the show with the lowest rates, particularly in Oklahoma and Tennessee, where they're at 11.67 percent and 11.75 percent, respectively.
"If Federal regulators were to adopt the proposed 20 percent down payment requirement, a majority of borrowers wouldn't be able to meet the standard given the findings in this report," said founder and CEO of LendingTree, Doug Lebda. "The proposed rule is part of a larger set of requirements that would exempt qualified borrowers from risk retention requirements and would have access to the lowest rates available."
The rule is not currently in effect, but homeowners should be well aware of what they could pay.
Check out LendingTree's infographic below for an in-depth look:
