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)

$340,000
MLS# S390006
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163 Pelican Cir , Unit 1202
Breckenridge, CO 80424
2 Bedrooms, 1 Baths
Residential
Century 21 Gold, Inc.
 
$2,061,000
MLS# S384058
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378 Juniata Cir
Breckenridge, CO 80424
4 Bedrooms, 5 Baths
Residential
Breckenridge Associates R.e.
 
$499,000
MLS# S383977
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396 Scr 628 Rd
Breckenridge, CO 80424
3 Bedrooms, 3 Baths
Residential
Re/max Properties/69
 
$787,500
MLS# S377718
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505 S Main St , Unit 3406
Breckenridge, CO 80424
2 Bedrooms, 3 Baths
Residential
Breckenridge Associates R.e.
 
$379,000
MLS# S385863
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309 22864 Hwy 6 Hwy , Unit 309 A
Keystone, CO 80435
3 Bedrooms, 2 Baths
Residential
Cornerstone Real Estate Co.
 
$315,000
MLS# S381335
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164 Copper Cir , Unit 318
Copper Mountain, CO 80443
1 Bedrooms, 2 Baths
Residential
Real Estate At Copper Mountain
 
$399,500
MLS# S389674
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22784 Hwy 6 Hwy , Unit 2608
Keystone, CO 80435
2 Bedrooms, 2 Baths
Residential
Re/max Properties/69
 
$549,000
MLS# S389386
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290 Broken Lance Dr , Unit 104
Breckenridge, CO 80424
2 Bedrooms, 2 Baths
Residential
Paffrath & Thomas R.e.s.c
 
$575,000
MLS# S388369
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753 Lagoon Dr , Unit A
Frisco, CO 80443
3 Bedrooms, 4 Baths
Residential
Re/max Properties/66
 
$249,000
MLS# S389477
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85 Wheeler Pl , Unit 109
Copper Mountain, CO 80443
1 Bedrooms, 1 Baths
Residential
Re/max Properties/66
 
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s Average Mortgage Closing Costs Down 7.4% Over Past Year
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