Closing Costs Keep Pace with Prices | North Salem Real Estate

Cash-strapped home buyers struggling with soaring home prices have an unpleasant surprise awaiting them at the closing table. Closing costs are rising nearly as quickly as home prices.

On average, mortgage closing costs rose 6 percent over 2012 to $2,402, according to Bankrate.com. Origination fees accounted for the bulk of the increase, rising 8 percent, while third-party fees for services like title and appraisals edged up 1 percent to $672.

Hawaii’s average closing costs of $2,919 are the highest in the nation. Alaska ($2,675), South Carolina ($2,658), California ($2,639) and New Mexico ($2,566) join the Aloha State in the top five.

Wisconsin ($2,119), Missouri ($2,188), Kansas ($2,193), Michigan ($2,203) and Washington State ($2,208) comprise the bottom five.

“It’s unlikely that you will move to Wisconsin solely to pay lower closing costs, but you should shop around and compare fees from different loan originators to make sure you get the best deal in your area,” said Polyana da Costa, senior mortgage analyst, Bankrate.com.

Closing costs
2013
rank

2012 rank

State

Lender’s
origination fees

Third-party
fees

Origination plus
third-party fees

12Hawaii$1,970$949$2,919
24Alaska$1,925$750$2,675
36South Carolina$1,935$723$2,658
435California$1,977$662$2,639
543New Mexico$1,807$760$2,566
68North Carolina$1,840$718$2,558
718New Jersey$1,804$741$2,545
834Oklahoma$1,919$600$2,519
920Florida$1,798$719$2,517
107Delaware$1,742$760$2,502
1127Ohio$1,803$693$2,496
1211Georgia$1,816$674$2,490
133Texas$1,690$778$2,468
14*26Pennsylvania$1,920$540$2,460
14*13North Dakota$1,797$663$2,460
1624District of Columbia$1,826$623$2,449
1722Montana$1,767$680$2,446
1819Louisiana$1,782$662$2,443
1933Maryland$1,816$624$2,441
2031Tennessee$1,806$631$2,437
2121Connecticut$1,757$680$2,436
2236Maine$1,761$647$2,408
2349Idaho$1,767$641$2,407
2438Iowa$1,757$647$2,403
2541Arkansas$1,782$614$2,396
2628Indiana$1,732$656$2,387
2748Colorado$1,758$625$2,383
2817Kentucky$1,732$649$2,381
2937Arizona$1,752$621$2,372
3046Oregon$1,707$663$2,370
3123Virginia$1,718$650$2,369
3244South Dakota$1,732$617$2,349
3339Alabama$1,721$627$2,348
3415Rhode Island$1,686$660$2,347
3551Nevada$1,642$704$2,346
3610Nebraska$1,656$689$2,345
371New York$1,504$827$2,331
3840Mississippi$1,682$639$2,320
3945Utah$1,663$653$2,316
4050Wyoming$1,678$623$2,301
4114Massachusetts$1,601$699$2,300
4216West Virginia$1,578$705$2,283
4329Minnesota$1,641$612$2,253
4412New Hampshire$1,576$676$2,252
4542Vermont$1,578$667$2,245
469Illinois$1,591$647$2,238
4747Washington$1,603$605$2,208
4832Michigan$1,591$611$2,203
4930Kansas$1,558$635$2,193
5025Missouri$1,542$646$2,188
515Wisconsin$1,438$682$2,119
Average$1,730$672$2,402

*Denotes a tie

 

 

Closing Costs Keep Pace with Prices | RealEstateEconomyWatch.com.

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