Mortgages - Who is Borrowing What? And How Much?

Freddie Mac funded approximately 1 out of every 4 mortgages so far this year . . . over 350,000 of them.  So according to Freddie Mac, this is what the makeup of those loans looked like, on average.

  • 92% were detached homes, and 8% were condominiums
  • 89% were for a primary residence, 7% for investment properties, and 4% for second/vacation homes
  • The average loan size was $157,000
  • The average down payment was 22%
  • The Average FICO score was 751

These are averages, so it's important to note that many borrowers qualified for a mortgage with less than 20% down and/or a lower credit score.  More than 20% of the borrowers put less than 20% down . . . some as low as 5%, and 30% of the loans were made to borrowers with FICO scores between 660 and 739.