“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 homebuyers,” Zillow said — the same day mortgage rates in America hit their highest level since 2001.
It’s the fifth consecutive weekly increase for the average rate, which is now at its highest level since early June 2001, when it averaged 7.24%. The terms of Zillow’s down payment program are currently vague, and it’s unclear if customers need to be first-time homebuyers or make a certain amount of income.
Zillow’s 1% is initially being rolled out in Arizona, “with plans to expand to additional markets,” Zillow said. It’s a common misconception that buyers need to purchase 20% equity in their home at the time of sale, the association said, which has discouraged many aspiring homeowners from shopping around or applying for a mortgage.
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