Homebuyers are putting less money down now, as bidding wars fade
Homebuyers aren't putting as much money down as they were at the height of the housing frenzy.
What's happening: The typical U.S. homebuyer made a down payment of $42,000 in January, the lowest number in almost two years, per a report out from Redfin Wednesday morning, provided exclusively to Axios.
The median downpayment is now 10% of the purchase price of the house, off its peak of 17.5%, (which amounted to $65,000), in May 2022.
State of play: High mortgage rates changed the calculus around down payments.
The rates crushed the market and drove a lot...