News Column

Mortgage Closing Costs Up Six Percent to $2,539

August 22, 2014



By a News Reporter-Staff News Editor at Real Estate Weekly News -- Mortgage closing costs rose six percent over the past year and now average $2,539 on a $200,000 loan, according to Bankrate.com (NYSE: RATE). Origination fees increased nine percent to $1,877 and third-party fees rose one percent to $662.

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Texas' average closing costs of $3,046 are the highest in the nation. Alaska ($2,897), New York ($2,892), Hawaii ($2,808) and Wisconsin ($2,706) round out the top five.

The cheapest closing costs are in Nevada (an average of $2,265). Tennessee ($2,366), Missouri ($2,387), Ohio ($2,392) and Washington, D.C. ($2,402) comprise the rest of the bottom five.

"New mortgage regulations are the biggest reasons why closing costs went up over the past year," said Holden Lewis, senior mortgage analyst, Bankrate.com. "The good news is that some lenders have not increased fees. To get the best deal, consumers should compare good faith estimates from at least three different lenders."

Keywords for this news article include: Mortgage, Real Estate, Bankrate Inc..

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2014, NewsRx LLC


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Source: Real Estate Weekly News


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