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According to the latest Redfin data,down payment amountshit a record high of $67,500 in June.
Down payment in terms of percentage of the purchase price is also on the rise.
The reason for these increases?
In June, the 6.92% average mortgage rate was one of the highest in the past two decades.
Regional Differences
Where you live plays a significant role in determining the typical down payment amount.
Here are some examples to demonstrate how various metro areas can have significantly different down-payment conditions.
The United States might be witnessing record high down payments, but this growth wont last forever.
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