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)

$1,009,000
MLS# S388994
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224 Blue Flag Cir
Breckenridge, CO 80424
5 Bedrooms, 4 Baths
Residential
Tj Partners
 
$398,000
MLS# S388981
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510 Pitkin St , Unit A5
Frisco, CO 80443
3 Bedrooms, 3 Baths
Residential
Re/max Properties/66
 
$345,000
MLS# S388800
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4 Zoe Ct
Breckenridge, CO 80443
2 Bedrooms, 3 Baths
Residential
Colorado R.e.-hank Wiethake
 
$475,000
MLS# S388786
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164 Carroll Ln
Breckenridge, CO 80424
4 Bedrooms, 3 Baths
Residential
Re/max Properties/69
 
$889,000
MLS# S388776
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177 Moonstone Rd
Breckenridge, CO 80424
7 Bedrooms, 4 Baths
Residential
Breckenridge Real Estate Group
 
$429,000
MLS# S388718
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81 Black Diamond Trl , Unit B
Silverthorne, CO 80498
3 Bedrooms, 3 Baths
Residential
Cornerstone Real Estate Co.
 
$875,000
MLS# S388704
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219 Pitkin St
Frisco, CO 80443
4 Bedrooms, 3 Baths
Residential
Re/max Properties/69
 
$415,000
MLS# S388703
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57 Snowflake Dr , Unit 837
Breckenridge, CO 80424
1 Bedrooms, 1 Baths
Residential
Coldwell Banker-rounds Porter
 
$798,000
MLS# S388688
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75 Scr 275 Rd
Montezuma, CO 80435
6 Bedrooms, 5 Baths
Residential
Re/max Properties/66
 
$629,000
MLS# S388684
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426 Scr 528 Cord
Breckenridge, CO 80424
4 Bedrooms, 3 Baths
Residential
Re/max Properties/69
 
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s Average Mortgage Closing Costs Down 7.4% Over Past Year
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