Mortgage rates may be at or near record lows, but closing costs aren’t.
Mortgage closing costs rose for a second straight year, according to a survey released today by Bankrate.
And the average bank/mortgage lender charges roughly $1,614 in loan origination fees, up 10.3 percent from last year.
New York Most Expensive for Closing Costs
New York topped the survey again for the second straight year, with average closing costs of $6,183, followed by Texas at $4,944 and Utah at $4,906.
Mortgage closing costs were cheapest in Arkansas, with an average of just $3,378.
It excludes taxes, homeowners insurance, homeowners association fees, prepaid interest and other prepaid items.
Read more: What mortgage rate can I expect?