Closing costs on a home sale excluding title insurance rose 6 percent year over year in June, averaging $2,402 on a $200,000 mortgage, according to an annual survey by financial rate comparison site Bankrate.com. Lender origination fees drove the increase, jumping 8 percent to $1,730. Third-party fees for services such as appraisals and credit reports rose 1 percent to $672. The state-by-state survey was based on online good-faith estimates from up to 10 lenders in a state, plus Washington, D.C., for a hypothetical $200,000 purchase loan for a single-family home in a state's largest city with a 20 percent down payment and excellent credit, Bankrate.com said. Bankrate.com acknowledged a borrower's final closing costs would probably be higher than those in the survey findings b...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.