I hate to pour cold water on the party. But did anyone look at the jumbo rate recently? Citibank rate is freaking 4.5%! So is wells fargo. At price points north of $700k, most folks are not sinking in their life savings to come up with that 20% down. They might not like adding that additional 10% of their savings into their non-liquid bucket of assets, but they’ll have that ability if they chose. Especially since CD rates are 0.5% and the market? Much better to sink that extra cash into the 30% down required.

I think JtR has routinely shown that even in the days of confirming jumbo, people were overwhelmingly putting down large down payments. Typical 20% down were the minority.