News by Subject
Complete list of specialty news sections.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Mortgage Industry News
Subscription-based news for people who work in real estate finance.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories for your web site or for your RSS reader.

News Archives
Archive of news entries.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Graphs
Directory of lenders, branch operators and mortgage service providers.
home advertise email RSS about us
HOT Topics Rates Glossary LO License Search
Consumer Mortgage News
Free mortgage news for current and prospective borrowers from a leading online mortgage industry news publication.

Closing Costs Climb

Average U.S. closing costs $3,741

By SAM GARCIA Mortgage Daily

Aug. 16, 2010

As mortgage lenders have faced tougher regulations, the cost of financing a home purchase has shot up more than a third over the past year. Arkansas is the least expensive of all states to close a loan.

The average closing costs on a mortgage used to purchase a home is $3,741, according to Bankrate Inc.'s 2010 Closing Costs Survey. Costs reflect lender origination fees, title fees and settlement fees on a 30-year fixed-rate loan for $200,000 with a 20 percent down payment.

Last year's average costs were just $2,732.

Bankrate based its findings on a survey of one area in each of 49 states, Los Angeles, San Francisco and Washington, D.C.

"The big rise in average closing costs may scare some homebuyers, but it's important to keep things in perspective," Bankrate's Greg McBride said in the report. "Increased regulation on lenders' Good Faith Estimates means more accurate estimates and less expenses popping up for consumers on the back end."

Closing costs were highest in New York: $5,623. The Empire State saw the figure increase from $3,408 last year -- when it ranked second. Origination fees accounted for $2,015 of the latest average, while title and closing fees represented a hefty $3,608.

Last year's No. 1, Texas, slipped to No. 2 this year with $4,708 in closing costs. In 2009, it cost $3,855 to finance a home purchase. This year's figure included $1,539 in origination fees and $3,169 in title and closing fees.

Utah was next with $4,605 in costs -- including $1,431 in origination costs and $3,174 in title costs.

In California, Bankrate divided the state into two regions. In San Francisco, costs were $4,566, ranking it fourth. No. 5 Los Angeles had $4,406 in average costs.

At the other end of the spectrum, average closing costs in Arkansas were just $3,007 -- the lowest of any state. Average origination fees in Arkansas were $1,466, while title and closing fees averaged $1,542.

next story

back to home page

Copyright © 2016 Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

pricing engine directory

wholesale lender directory

More Mortgage News Resources ( full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

refinance news

reverse mortgage news

secondary marketing

servicing news

subprime news

wholesale lenders

Refinance News
News about refinance programs, pricing and production.
H A R P 2.0 News
News stories about the H o m e Affordable Refinance Program including expanded program guidelines.