Opinion: Low Down Payment Mortgages Make It Possible To Buy A Home In A High-Rate Environment

By SETH APPLETON We have all seen the headlines. After years of homebuyers growing accustomed to a 30-year mortgage rate as low as 3%, 2023 saw fluctuations between 6% and 8%, with higher rates persisting into 2024. Last October, rates reached the highest levels in 23 years, leading many prospective homebuyers to wonder whether they are priced out of the housing market. However, what many renters flirting with becoming first-time homebuyers may not realize is that mortgage rates are only one aspect of affordability, which should be viewed as a three-legged stool: home price, mortgage interest rate, and down payment. Purchasing a home now can still be within reach with a low down payment mortgage. In certain areas of the…