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)

$259,500
MLS# S389438
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2008 Lodgepole Condo 21700 Hwy 6 Hwy , Unit 2008
Keystone, CO 80435
2 Bedrooms, 2 Baths
Residential
Bergman Realty Group
 
$379,995
MLS# S389350
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291 Kestrel Ln , Unit 291
Silverthorne, CO 80498
2 Bedrooms, 3 Baths
Residential
First Tracks Real Estate
 
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$142,000
MLS# S389047
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166 Argentine Ct , Unit 1419
Keystone, CO 80435
1 Baths
Residential
Re/max Properties/69
 
$205,000
MLS# S388963
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100 Dercum Sq , Unit 8361
Keystone, CO 80435
1 Bedrooms, 1 Baths
Residential
Re/max Properties/455
 
$439,000
MLS# S388815
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552 Polar Ct
Silverthorne, CO 80498
4 Bedrooms, 2 Baths
Residential
Cornerstone Real Estate Co.
 
$869,000
MLS# S388711
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227 Mountain View Dr
Blue River, CO 80424
4 Bedrooms, 4 Baths
Residential
Colorado Mountain Real Estate
 
$664,000
MLS# S388562
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362 N Chipmunk Cir
Silverthorne, CO 80498
5 Bedrooms, 4 Baths
Residential
Cornerstone Real Estate Co.
 
$545,000
MLS# S387844
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461 Marmot Cir
Silverthorne, CO 80498
4 Bedrooms, 3 Baths
Residential
Re/max Properties/66
 
$315,000
MLS# S388483
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105 Wheeler Cir , Unit 132
Copper Mountain, CO 80443
2 Bedrooms, 2 Baths
Residential
The Real Estate Group
 
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s Average Mortgage Closing Costs Down 7.4% Over Past Year
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