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Closing costs up as origination fees get more expensive

Tuesday, August 6, 2013 - Article by: SDrilling - Eagle Lending Corp. - Message

Rising origination fees are pushing up closing costs, according to new data.

Mortgage closing costs have shot up 6% over the last year to an average of $2,402, according to a lender survey by Most of the increase is due to an 8% jump in origination costs, which rose to an average of $1,730. Third-party fees showed a more modest increase of 1%, edging up to an average of $672.

Hawaii currently has the highest closing costs in the nation at an average of $2,919, according to Rounding out the top five are Alaska ($2,675), South Carolina ($2,658), California ($2,639) and New Mexico ($2,566).

Meanwhile, closing in Wisconsin is cheaper than anywhere else in the country, at an average of $2,119. Other state's where it's less expensive to close include Missouri ($2,188), Kansas ($2,193), Michigan ($2,203) and Washington State ($2,208).

"It's unlikely that you will move to Wisconsin solely to pay lower closing costs, but you should shop around and compare fees from different loan originators to make sure you get the best deal in your area," said Polyana da Costa, senior mortgage analyst.

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