Closing Costs Are On The Rise

          While interest rates were at their all time low this past spring, lenders slowly increased their closing costs.  Look for this trend to change.  As rates move higher, lenders will start cutting their closing costs to be more competitive. 

     Nationwide, closing costs averaged $2,402 over the past year, up 6% from $2,264 in 2012, according to a survey by Bankrate.com. The estimates were based on a $200,000 mortgage for buyers with good credit and a 20% down payment.
 Origination fees, also called underwriting fees, rose 8% to $1,730. Meanwhile, third-party fees, which include the cost of an appraisal and credit check among other things, ticked up 1% to an average of $672.  (~ Excerpt from article: http://money.cnn.com/2013/08/06/real_estate/closing-costs/index.html?iid=HP_LN)

                 
Stay tuned, as everything in the mortgage industry is subject to change.