Closing costs dropped 7.1 percent year-over-year, falling from $1,989 in 2014 to $1,847 in 2015, according to a newly released Bankrate.com survey. The Bankrate analysis requested Good Faith Estimates from up to 10 lenders in large cities for a hypothetical $200,000 mortgage for a single-family home assuming a 20 percent down payment.
While average origination fees were down about 22 percent in this year’s survey, average third-party fees rose nearly 22 percent.
However, industry leaders are warning that mortgage lending and its costs will likely rise, notably on title insurance. We agree and suggest you seek today’s buying opportunities!
Source: “Even as Mortgage Closing Costs Drop, You’d Better Shop Around,” Bankrate.com (Aug. 3, 2015)