New York Has Highest Mortgage Closing Costs for Second Straight Year, According to Bankrate, Inc.

Texas, Utah and California Also Rank Among Most Expensive States

Jul 18, 2011, 08:00 ET from Bankrate, Inc.

NEW YORK, July 18, 2011 /PRNewswire/ -- Nationwide, the average origination and title fees on a $200,000 mortgage total $4,070, which is 8.8 percent higher than a year ago, according to Bankrate, Inc.'s (NYSE: RATE) 2011 Closing Costs Survey.

(Logo: http://photos.prnewswire.com/prnh/20040122/FLTHLOGO )

New York leads the nation with an average fee of $6,183. Texas, Utah, San Francisco and Idaho round out the five most expensive areas. Arkansas is the least expensive area, with an average fee of $3,378.

Most of the rise in closing costs is tied to fees charged directly by lenders. On average, lenders charge about $1,614 in origination fees this year, up 10.3 percent from last year. Origination fees include lender charges for services such as underwriting and processing.

"Interest rates get a lot of attention, and rightfully so, but it's also important for consumers to compare lender fees when shopping for a loan," said Greg McBride, CFA, senior financial analyst for Bankrate, Inc.

Bankrate surveyed up to 10 lenders in each state in June 2011 and obtained online good faith estimates for a $200,000 mortgage to buy a single-family home with a 20 percent down payment. Costs include fees charged by lenders, as well as third-party fees for services such as appraisals and title insurance. The survey excludes taxes, property insurance, association fees, interest and other prepaid items.

Closing Costs

2011 rank

2010 rank

State

Origination

Title and

closing

2011 total

1

1

New York

$2,210

$3,972

$6,183

2

2

Texas

$1,951

$2,994

$4,944

3

3

Utah

$1,680

$3,226

$4,906

4

4

California - San Francisco

$1,725

$3,106

$4,832

5

10

Idaho

$1,651

$2,992

$4,643

6

5

California - Los Angeles

$1,725

$2,898

$4,624

7*

7

Oklahoma

$1,605

$2,984

$4,589

7*

9

New Jersey

$1,406

$3,183

$4,589

9

8

Pennsylvania

$1,645

$2,877

$4,522

10

36

Hawaii

$1,795

$2,726

$4,521

11

22

District of Columbia

$1,477

$3,003

$4,479

12

12

Florida

$1,445

$2,973

$4,418

13

6

Alaska

$1,828

$2,569

$4,397

14

33

New Mexico

$1,593

$2,695

$4,288

15*

11

Massachusetts

$1,594

$2,650

$4,244

15*

34

Nevada

$1,673

$2,571

$4,244

17

17

Minnesota

$1,657

$2,550

$4,206

18

13

Ohio

$1,611

$2,554

$4,165

19

15

Arizona

$1,632

$2,517

$4,150

20

18

Louisiana

$1,630

$2,511

$4,141

21

21

North Dakota

$1,676

$2,456

$4,132

22

16

Wyoming

$1,654

$2,443

$4,097

23

48

Wisconsin

$1,806

$2,273

$4,080

24

47

Oregon

$1,723

$2,266

$3,989

25

26

Nebraska

$1,663

$2,308

$3,971

26*

23

Delaware

$1,519

$2,448

$3,967

26*

31

Illinois

$1,538

$2,430

$3,967

28

20

Michigan

$1,539

$2,427

$3,965

29

25

Kansas

$1,616

$2,281

$3,897

30

41

Colorado

$1,608

$2,263

$3,871

31

29

South Carolina

$1,647

$2,209

$3,856

32

39

Connecticut

$1,430

$2,412

$3,843

33

27

Washington

$1,580

$2,251

$3,831

34

46

Mississippi

$1,630

$2,199

$3,829

35

32

Tennessee

$1,501

$2,316

$3,817

36

28

Georgia

$1,526

$2,269

$3,796

37

24

West Virginia

$1,453

$2,296

$3,749

38

19

Virginia

$1,450

$2,295

$3,745

39

40

Vermont

$1,605

$2,139

$3,744

40

37

Maine

$1,608

$2,122

$3,730

41

14

Rhode Island

$1,555

$2,150

$3,705

42

38

Maryland

$1,533

$2,160

$3,692

43

42

South Dakota

$1,558

$2,124

$3,682

44

49

Montana

$1,548

$2,110

$3,657

45

45

Kentucky

$1,525

$2,102

$3,627

46

43

New Hampshire

$1,613

$1,978

$3,591

47

44

Missouri

$1,482

$2,042

$3,524

48

30

Alabama

$1,604

$1,898

$3,501

49

50

Iowa

$1,627

$1,847

$3,474

50

35

Indiana

$1,534

$1,897

$3,430

51

51

North Carolina

$1,571

$1,839

$3,410

52

52

Arkansas

$1,493

$1,886

$3,378

Average

$1,614

$2,456

$4,070

*denotes a tie

About Bankrate, Inc.

The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, InsureMe, CreditCardGuide.com, Bankaholic, CreditCards.com and NetQuote. Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company's flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: AOL), The Wall Street Journal and The New York Times (NYSE: NYT). Bankrate.com's information is also distributed through more than 500 newspapers.

www.bankrate.com

Ted Rossman
Public Relations Manager
Bankrate, Inc.

ted.rossman@bankrate.com
(917) 368-8635

SOURCE Bankrate, Inc.



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