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)

$495,000
MLS# S390361
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62 Broken Lance Dr , Unit 204E
Breckenridge, CO 80424
2 Bedrooms, 2 Baths
Residential
Slifer Smith & Frampton R.e.
 
$3,895,000
MLS# S390171
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244 Peerless Dr
Breckenridge, CO 80424
5 Bedrooms, 5 Baths
Residential
Liv Sotheby's I.r.
 
$167,500
MLS# S389660
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23110 Hwy 6 Hwy , Unit 5065
Keystone, CO 80435
1 Baths
Residential
Cornerstone Real Estate Co.
 
$2,195,000
MLS# S388036
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26 North Woods Ln
Breckenridge, CO 80424
5 Bedrooms, 5 Baths
Residential
Colorado Premier Resort Prop
 
$899,000
MLS# S387840
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13 Miners Creek Rd
Frisco, CO 80443
4 Bedrooms, 4 Baths
Residential
Re/max Properties/66
 
$749,000
MLS# S385955
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43 Snowflake Dr , Unit 21
Breckenridge, CO 80424
3 Bedrooms, 3 Baths
Residential
Breckenridge Associates R.e.
 
$3,276,500
MLS# S376909
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223 Little Sallie Barber Rd
Breckenridge, CO 80424
5 Bedrooms, 9 Baths
Residential
Breckenridge Associates R.e.
 
$575,000
MLS# S390204
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683 Range Rd
Breckenridge, CO 80424
6 Bedrooms, 5 Baths
Residential
Breckenridge Associates R.e.
 
$474,900
MLS# S389510
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722 Doris Dr
Breckenridge, CO 80424
3 Bedrooms, 3 Baths
Residential
Re/max Properties/69
 
$1,199,000
MLS# S388395
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742 Miners View Rd
Breckenridge, CO 80424
4 Bedrooms, 4 Baths
Residential
Breckenridge Associates R.e.
 
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