Average down payment amounts decreased nationwide in May, but the percent of first-time homebuyers putting low down payments on homes decreased, according to the July Down Payment Resource Report.

• Duty to Serve plans aim to improve the financing of affordable housing in three underserved areas: manufactured housing, affordable housing preservation and rural housing.
• Federal funding is still at risk.
• Hot markets put pressure on down payment assistance.

“Sales prices are rising, mortgage rates are rising, inventory is low and housing is expensive,” David Battany, executive vice president of capital markets at Guild Mortgage, said in a statement. “At the same time, home prices keep rising, and down payments keep rising. That makes it hard to save for a down payment. Demand for down payment assistance is immense, but even then it can be tough in a competitive situation.”