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)

$699,000
MLS# S390650
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226 Pine Dr
Frisco, CO 80443
3 Bedrooms, 3 Baths
Residential
Keller Williams Top Of Rockies
 
$359,000
MLS# S389627
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124 Burgundy Cir , Unit 124
Silverthorne, CO 80498
2 Bedrooms, 2 Baths
Residential
Summit Hoa Services, Inc.
 
$2,622,000
MLS# S388687
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201 Lake Edge Dr
Breckenridge, CO 80424
4 Bedrooms, 5 Baths
Residential
Breckenridge Associates R.e.
 
$374,900
MLS# S388539
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164 Copper Cir , Unit 109&A
Copper Mountain, CO 80443
2 Bedrooms, 2 Baths
Residential
Real Estate At Copper Mountain
 
$515,000
MLS# S386901
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5402 Montezuma St
Montezuma, CO 80435
3 Bedrooms, 3 Baths
Residential
The Real Estate Group
 
$3,246,500
MLS# S376909
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223 Little Sallie Barber Rd
Breckenridge, CO 80424
6 Bedrooms, 9 Baths
Residential
Breckenridge Associates R.e.
 
$189,900
MLS# S390649
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100 Dercum Sq , Unit 8385
Keystone, CO 80435
1 Baths
Residential
Keller Williams Top Of Rockies
 
$669,000
MLS# S390550
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612 Tenderfoot St , Unit 36
Dillon, CO 80435
4 Bedrooms, 4 Baths
Residential
Liv Sotheby's I.r.
 
$375,000
MLS# S389289
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461 Alpine Rd
Dillon, CO 80435
3 Bedrooms, 2 Baths
Residential
Coldwell Banker Colo Rockies
 
$889,999
MLS# S387840
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13 Miners Creek Rd
Frisco, CO 80443
4 Bedrooms, 4 Baths
Residential
Re/max Properties/66
 
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