Costco financing is on the rise.
The average price of a single-family home is down 10% over the past year.
It was $1,879,000 last year.
That’s up $800,000 from the year before, according to the latest data from the National Association of Realtors.
This is not good news for those looking to buy a home.
For the first time since 2008, the average price has fallen below the $1 million mark.
That puts a lot of pressure on lenders to get their prices down.
But it’s not only the mortgage rates that are rising.
For those who already own a home, that may be a sign they need to get out and get a second mortgage.
The median monthly payment on a 2-year fixed mortgage jumped to $1