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Released: August 31, 2010

Survey: Mortgage closing costs 37% higher

Source: Stephanie Armour, USA Today

A new federal rule this year requiring mortgage lenders to give borrowers reliable estimates of closing costs appears to be working — whether it’s also costing borrowers more money is uncertain.

A recent survey by Bankrate.com found that, on average, origination and third-party fees on a $200,000 purchase mortgage added up to $3,741 — a 37% jump over last year’s average of $2,739. The fees can include appraisals, credit reports, a closing or settlement attorney and surveys.

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