U.S. Mortgage Closing Costs Decline 7.4% as Lenders Compete
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Mortgage closing costs in the U.S. declined in the past year as lenders competed to attract qualified borrowers, Bankrate Inc. said.
Origination and title costs on a $200,000 home loan average $3,754 nationwide, down 7.4 percent from 2011, according to Bankrate’s annual survey of lenders, conducted in June. New York State has the highest closing costs for the third straight year, with an average of $5,435, a 12 percent drop from last year, the North Palm Beach, Florida-based financial data provider said today.