How Californians Finance Their Homes

As per the below infographic/image from the  California Association of Realtors' website, the following interesting data appear:

      In 2013, majority of Californians preferred 30-year fixed rate rate than other financing options;

      91% of Californians financed their homes in 2013;

      25% is the average down payment;

      91% of the Buyers obtained a fixed rate loan;

      85% of the Buyers obtained a 30-year loan; and

      83% of the Buyers had not problem with their appraisal.

The preference for fixed rate indicates that Californians prefer stability of interest in the long run rather than the adjustable loans which are unstable under the prevailing unstable economy.

The high rate of average down payment of 25% may indicate that as much as possible buyers prefer to limit their loan exposures, or it could be because of stringent requirement of the financing institutions.