Mortgage Closing Costs Rising

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Mortgage closing costs have increased by 6% over the past year, according to Bankrate’s annual closing cost survey.

So why are fees rising? You can blame two things:

  1. Low and rising mortgage rates, and
  2. New regulations.

Low mortgage rates over the last year have brought in a wave of refinancing. Loan originators have plenty of business so they don’t have to compete. Plus, they realize rates are going to rise which will decrease the number of loans made.
At that point, they will have to decrease fees to be more competitive.

The second component of rising costs is the Consumer Financial Protection Bureau and its new mortgage regulations.

At any rate, all puns intended, if you haven’t refianced yet, it’s time to do it.

To read the full report: http://hartland.rereport.com/

 

Trends at a Glance

(Single-family Homes)

 

Jul 13

Jun 13

Jul 12

Median Price:

$   840,000

 $   816,000

 $   690,000

Average Price:

$1,052,610

 $1,028,130

 $   909,662

Home Sales:

1,052

1,027

1,059

Pending Sales:

1,284

1,367

1,772

Inventory:

1,433

1,194

1,362

Sale/List Price Ratio:

104.7%

105.5%

102.1%

Days on Market:

21

21

36

Days of Inventory:

41

34

39

The Real Estate Report provides an automatic, easy to use, property analysis feature, a mini-CMA. You can access it in the Property Analysis tab. Input your address and get a list of properties around yours that have recently sold or are currently listed for sale, all on an easy to read map.

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