US homebuyers pay larger down payments due to rising prices and high mortgage rates, increasing typical down payment to $55,640 in February.

Homebuyers in the US are paying larger down payments due to rising home prices and high mortgage rates, with the typical down payment reaching $55,640 in February, up 24.1% from the previous year. This increase in down payments aims to lower monthly payments and mitigate the high costs of homeownership, which are now more expensive than anticipated. Over one-third of US home purchases in February were made with all cash to avoid high mortgage interest rates.