Report: Closing costs rising, state ranks 46th lowest
NEW YORK — A new study released by Bankrate Inc. reveals that the costs associated with buying a home are on the rise.
Bankrate’s 2010 Closing Costs Survey shows that the average origination and title fees on a $200,000 mortgage this year totaled $3,741, up from $2,732 in 2009. The full results of the study can be seen at www.bankrate.com/finance/mortgages/2010-closing-costs/.
Bankrate ranked Mississippi 46th with an average closing price of $3,335, which includes origination and title and closing fees. In 2009, Mississippi ranked 25th in closing costs.
In the study’s geographical breakdown, New York leads the nation at an average fee of $5,623, with Texas, Utah, San Francisco and Los Angeles rounding out the top five. Arkansas is the least expensive area with an average fee of $3,007, replacing Nevada, now number 34, at the bottom of the list.
Bankrate said one of the reasons for such a dramatic rise in the average estimated closing costs across the nation has to do with new regulations implemented in January. When providing a potential borrower a good faith estimate (GFE) of costs, regulations now require lenders to provide a title and closing fee estimate within 10 percent of what the final cost will be; in previous years, estimates could fall lower on the spectrum without penalty for the lender.
To sign up for Mississippi Business Daily Updates, click here.
One Response to “Report: Closing costs rising, state ranks 46th lowest”
Twang & Tourism: The Country Music Trail
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- White House hotel making comeback in Biloxi
- McCarthy hired as CFO of Mississippi Development Authority
- State GOP chairman calls on McDaniel to hurry with challenge
- Fair cabins becoming more valuable, sources say
- MARTIN WILLOUGHBY — Tyler Raborn finds success and fulfillment with Raborn Media
- Guns OK inside Mississippi polling places, attorney general says
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- Supreme Court deals blow to McDaniel's election challenge
- Three indicted, alleged to have embezzled from agency
- Under state probe, All American Check Cashing gets ‘F’ rating from Better Business Bureau