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)

$659,000
MLS# S387245
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105 Union Mill Rd
Breckenridge, CO 80424
4 Bedrooms, 3 Baths
Residential
Breckenridge Real Estate Group
 
$239,000
MLS# S382303
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95611 Ryan Gulch Rd , Unit 615
Silverthorne, CO 80498
2 Bedrooms, 2 Baths
Residential
Re/max Properties/66
 
$335,000
MLS# S387110
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568 Polar Ct
Silverthorne, CO 80498
3 Bedrooms, 1 Baths
Residential
Re/max Properties/66
 
$148,000
MLS# S387077
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1163 Straight Creek Dr , Unit 101
Dillon, CO 80435
2 Bedrooms, 2 Baths
Residential
Re/max Properties/66
 
$719,000
MLS# S387047
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1509 American Way
Breckenridge, CO 80424
4 Bedrooms, 3 Baths
Residential
Colorado Mountain Real Estate
 
$899,000
MLS# S386836
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55 Canyon View Ct
County, CO 80435
5 Bedrooms, 5 Baths
Residential
Colorado Homes 4 All
 
$389,000
MLS# S386686
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118 Blue Grouse Ln
Silverthorne, CO 80498
2 Bedrooms, 2 Baths
Residential
Re/max Properties/66
 
$353,500
MLS# S384735
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100 S Park Ave , Unit W325
Breckenridge, CO 80424
1 Bedrooms, 2 Baths
Residential
Breckenridge R.e. Kompany
 
$524,900
MLS# S385400
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92 Wheeler Cir , Unit 204
Copper Mountain, CO 80443
3 Bedrooms, 2 Baths
Residential
Real Estate At Copper Mountain
 
$409,000
MLS# S384554
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67 Tip Top Trl , Unit 6530
Keystone, CO 80435
2 Bedrooms, 2 Baths
Residential
Slifer Smith & Frampton - Key
 
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s Average Mortgage Closing Costs Down 7.4% Over Past Year
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