Mortgage closing costs are up 6 percent over the past year, according to a report from Bankrate.com.
The average closing cost across the United States rose over the year to $2,402. Origination fees increased 8 percent to $1,730—accounting for the bulk of the increase in closing costs—while third-party fees rose 1 percent to $672.
In terms of highest average closing costs, Hawaii took the top spot with an average of $2,919. It was joined in the top five by Alaska ($2,675), South Carolina ($2,658), California ($2,639), and New Mexico ($2,566).
To find its results, Bankrate surveyed up to 10 lenders in all 50 states as well as the District of Columbia. Costs involved include fees charged by lenders and third-party fees for services such as appraisals; they exclude taxes, title fees, property insurance, association fees, interest, and other prepaid items.
Source: DS News
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