Zillow offers 1% down payment to lure homebuyers as mortgage rates hit 22-year high

Zillow announced that it’s offering mortgages with a 1% down payment to US homebuyers who are being squeezed by mortgage rates, which climbed to a 22-year high earlier this week.

Zillow debuted its 1% down payment program on Thursday, agreeing to contribute an additional 2% at closing in an effort to “reduce the time eligible homebuyers need to save [money],” the real estate marketplace said in a statement.

“Most markets are in the midst of an affordability crisis, and saving for a down payment remains one of the biggest barriers for many...