Overview
- Nationwide mortgage payments have climbed above roughly $2,000 a month, driven by sustained mid-6% interest rates and near-record home prices.
- Realtor.com found the median down payment fell to $23,400 in the first quarter of 2026, the lowest level since 2021, reflecting moderating prices and rising supply in many areas.
- Redfin’s March analysis shows a different picture with a typical down payment near $64,000 but a lower share of price at about 15 percent, underscoring variation by measure and market.
- Loans backed by the Federal Housing Administration and Department of Veterans Affairs now account for roughly one-third of purchase mortgages with VA loans at about 11.7 percent, helping buyers with smaller upfront cash.
- Some Southern and Western metros are shifting toward buyers as inventories rise and builders cut prices, but reliance on government programs could leave buyers exposed if rates or economic conditions worsen.