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)

$205,000
MLS# S390623
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22320 U.s. Highway 6 Hwy , Unit 1770
Keystone, CO 80435
1 Bedrooms, 1 Baths
Residential
Re/max Properties/455
 
$147,900
MLS# S390493
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396 Cove Blvd , Unit 6
Dillon, CO 80435
1 Bedrooms, 1 Baths
Residential
Keller Williams Top Of Rockies
 
$705,000
MLS# S390318
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1279 American Way
Breckenridge, CO 80424
4 Bedrooms, 3 Baths
Residential
Slifer Smith & Frampton R.e.
 
$935,000
MLS# S387160
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391 Hummingbird Cir
Silverthorne, CO 80498
3 Bedrooms, 4 Baths
Residential
Omni Real Estate
 
$289,000
MLS# S390490
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100 Dercum Sq , Unit 8411
County, CO 80435
1 Bedrooms, 2 Baths
Residential
Re/max Properties/455
 
$395,000
MLS# S390399
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100 Pitkin St
Frisco, CO 80443
1 Baths
Residential
Re/max Properties/66
 
$795,000
MLS# S390103
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104 Davis Ct
Blue River, CO 80424
4 Bedrooms, 3 Baths
Residential
Century 21 Gold, Inc.
 
$719,000
MLS# S389637
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102 Frisco St
Frisco, CO 80443
3 Bedrooms, 3 Baths
Residential
Century 21 Gold, Inc.
 
$1,689,000
MLS# S389285
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954 Beeler Pl
Copper Mountain, CO 80443
4 Bedrooms, 5 Baths
Residential
Liv Sotheby's I.r.
 
$2,259,000
MLS# S389270
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962 Beeler Pl
Copper Mountain, CO 80443
4 Bedrooms, 5 Baths
Residential
Liv Sotheby's I.r.
 
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