Zillow Group announced a new 1% down-payment program, with the intent of opening the housing market to those who previously couldn’t afford the initial cost to buy a home.
“Most markets are in the midst of an affordability crisis, and saving for a down payment remains one of the biggest barriers for many potential home buyers,” Zillow said in the news release. The burden of higher-percentage down payments is most difficult for first-time home buyers, as home prices rise and mortgage rates hit multidecade highs.
This program launches during one of the most expensive times to buy a house in the past few decades. The average 30-year mortgage rate was 7.23% as of Thursday, according to Freddie Mac’s weekly primary mortgage market survey. That’s the highest level since 2001.
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