Mortgage closing costs fell 7% for homebuyers

Posted by Bonnie Martin Designated Broker on Wednesday, August 8th, 2012 at 8:15am.


NEW YORK (CNNMoney) -- Federal regulations are helping to significantly reduce the amount new homebuyers are paying come closing time.

The average cost of closing on a mortgage has fallen by 7.4% over the past year, according to a recent survey by Bankrate.com. At the end of June, a homebuyer looking to close on a $200,000 mortgage with 20% down paid an average of $3,754, $300 less than 12 months earlier.

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