Mortgage Closing Costs Up 6 Percent This Year

August 6, 2013
mortgage lending news

Although the past year's historically low mortgage rates have saved home buyers money, a survey shows they paid more at the settlement table. Assuming a $200,000 loan and a 20 percent down payment, the poll determined that realty closing costs climbed 6 percent this year to $2,402 from $2,264 last year. Origination or underwriting fees, meanwhile, were 8 percent higher at $1,730; and third-party fees for appraisals, credit checks, and other services nudged up 1 percent to an average of $672. With favorable mortgage rates bringing in a steady stream of customers, "lenders really didn't have to compete as much for business, they were free to charge higher closing costs," noted analyst Polyana da Costa.
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