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)

$535,000
MLS# S389197
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318 S 8th Ave , Unit P-4
Frisco, CO 80443
2 Bedrooms, 2 Baths
Residential
Your Castle Summit, Llc
 
$279,000
MLS# S389125
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6718 Ryan Gulch Rd , Unit 6718
Silverthorne, CO 80498
2 Bedrooms, 2 Baths
Residential
Coldwell Banker Colo Rockies
 
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$159,000
MLS# S388013
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110 S Park Ave , Unit 123
Breckenridge, CO 80424
1 Baths
Residential
Breckenridge Associates R.e.
 
$759,000
MLS# S389004
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1278 Royal Buffalo Dr
Wildernest, CO 80498
4 Bedrooms, 3 Baths
Residential
Re/max Properties/66
 
$975,000
MLS# S388994
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224 Blue Flag Cir
Breckenridge, CO 80424
5 Bedrooms, 4 Baths
Residential
Tj Partners
 
$649,000
MLS# S388988
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62 Hawn Dr
Frisco, CO 80443
4 Bedrooms, 4 Baths
Residential
Slifer Smith & Frampton R.e.
 
$419,000
MLS# S388997
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1653 Oro Grande Dr , Unit 17
Keystone, CO 80435
2 Bedrooms, 2 Baths
Residential
Coldwell Banker Colo Rockies
 
$249,000
MLS# S388930
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910 Copper Rd , Unit 417
Copper Mountain, CO 80443
1 Bedrooms, 1 Baths
Residential
Re/max Properties/66
 
$829,000
MLS# S388902
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1780 Falcon Dr
Silverthorne, CO 80498
4 Bedrooms, 4 Baths
Residential
Breckenridge Associates R.e.
 
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