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)

$669,000
MLS# S389804
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641 S 5th Ave
Frisco, CO 80443
3 Bedrooms, 3 Baths
Residential
Re/max Properties/66
 
$479,000
MLS# S389702
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340 N Chipmunk Cir
Silverthorne, CO 80498
3 Bedrooms, 3 Baths
Residential
Cornerstone Real Estate Co.
 
$299,000
MLS# S389579
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604 Granite St , Unit 201
Frisco, CO 80443
2 Bedrooms, 2 Baths
Residential
Summit Real Estate Service
 
$399,000
MLS# S389565
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292 Spruce Creek Rd
Blue River, CO 80424
2 Bedrooms, 1 Baths
Residential
Re/max Properties/69
 
$640,900
MLS# S385501
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645 S Park Ave , Unit 702
Breckenridge, CO 80424
2 Bedrooms, 2 Baths
Residential
Fuller Sotheby's I.r.
 
$449,900
MLS# S389451
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435 Hamilton Creek Rd
Silverthorne, CO 80498
2 Bedrooms, 1 Baths
Residential
Keller Williams Top Of Rockies
 
$525,000
MLS# S389297
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184 Royal Dr
Blue River, CO 80424
3 Bedrooms, 3 Baths
Residential
Slifer Smith & Frampton R.e.
 
$315,000
MLS# S388821
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120 Tennis Club Rd , Unit 1635
Keystone, CO 80435
2 Bedrooms, 2 Baths
Residential
Cornerstone Real Estate Co.
 
$625,000
MLS# S388497
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105 Placer Trl
Blue River, CO 80424
4 Bedrooms, 4 Baths
Residential
Re/max Properties/69
 
$575,000
MLS# S388380
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50 Mountain Thunder Dr , Unit 1106
Breckenridge, CO 80424
2 Bedrooms, 2 Baths
Residential
Keller Williams Top Of Rockies
 
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s Average Mortgage Closing Costs Down 7.4% Over Past Year
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