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”
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Mississippi Film Studios signs contract with New Orleans company
- Peavey's wellness program honored after workers drop 1,000 pounds
- Mars Food expanding Delta plant; investing $31M and adding jobs
- Watkins says JRA out to block him from Farish by repaying HUD $1.5M
- Pickering lists concerns over Mississippi Adequate Education Program formula
- Group, lesbian couples look to overturn state's ban on same-sex marriages
- Board authorizes sale of company that owns Silver Slipper Casino
- State renews battle over water use with city of Memphis
- GreenTech holds grand opening of neighborhood electric vehicle plant