Down Payments Shrink, Buyers Bring Less to Closing
Buying a HomeThe median down payment sank to its lowest level since 2009, averaging 9 percent for home buyers this year, according to housing data by the National Association of REALTORS®. First-time home buyers’ median down payment was 4 percent and repeat buyers averaged a 13 percent down payment, according to the housing data. “First-time buyers historically make small down payments, but repeat buyers like to put down 20 percent if they can to avoid paying mortgage insurance,” says Paul Bishop with […]
