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.
The 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. That’s the highest level since 2001. The trade group expects mortgage origination dollar volume to total $1.7 trillion in 2023, down from $2.3 trillion in 2022 and $4.4 trillion in 2021.
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