Average Mortgage Closing Costs Down 7.4% Over Past Year

In welcome news for the housing market, CNN Money recently reported that the average cost of closing on a mortgage has fallen by 7.4% over the past year. As an example, at the end of June, a home buyer in the United States looking to close on a $200,000 mortgage with 20% down paid an average of $3,754. That’s $300 less than 12 months earlier. Apparently, the decline can be attributed to new federal regulations, which require lenders to be more accurate when estimating closing costs for borrowers. Read the rest of the CNN Money article

Turning to mortgage news in Colorado, Bankrate.com conducted a nationwide survey in 2012 of mortgage closing costs. Looking at every state in the country, Bankrate.com found that Colorado had the third lowest average closing costs for home mortgages. Based once again on a $200,000 mortgage with 20% down, Colorado closing costs were generally $555 less than the national average, coming in at $3,199. Great news for anyone buying a home in our state!

If you’re interested in potentially getting into the Summit County real estate market, this is a great time to find bargains in homes that have been on the market all summer but haven’t quite sold yet. Please don’t hesitate to contact Philip with your questions.

Summit County Listings With Price Drops in Last 4 Days

(Arranged below by newest listing first)

$149,500
MLS# S390102
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550 Four Oclock Rd , Unit A-2
Breckenridge, CO 80424
1 Baths
Residential
Colorado Premier Resort Prop
 
$899,000
MLS# S390153
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671 Gold Dust Dr
Frisco, CO 80435
4 Bedrooms, 3 Baths
Residential
Fuller Sotheby's I.r.
 
$774,500
MLS# S389517
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301 S High St
Breckenridge, CO 80424
3 Bedrooms, 3 Baths
Residential
Breckenridge Associates R.e.
 
$1,590,000
MLS# S384528
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35 Byron Ct
Breckenridge, CO 80424
4 Bedrooms, 4 Baths
Residential
Breckenridge Real Estate Group
 
$485,000
MLS# S390040
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101 E Main St , Unit 205
Frisco, CO 80443
2 Bedrooms, 2 Baths
Residential
Re/max Properties/69
 
$519,000
MLS# S389379
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1810 Peregrine Ln
Silverthorne, CO 80498
3 Bedrooms, 3 Baths
Residential
Colorado Homes Real Estate Co.
 
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s Average Mortgage Closing Costs Down 7.4% Over Past Year
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