Washington's average closing cost drops
Monday, August 6, 2012
Washington's closing costs for home purchases dropped by 10.7 percent in the past year, according to a report released Monday by Bankrate.com. The survey also listed Washington's $3,418 average closing cost as among the nation's lowest, with the state in 44th place. The national average for closing costs was $3,754.
The survey was based on 10 good faith estimates for a $200,000 loan from as many as 10 lenders in each state, plus Washington D.C. The hypothetical loan was for a single-family house in the state's largest city to a borrower with excellent credit and a 20 percent down payment. Taxes, government fees and escrow fees are not included.
Nationwide, the average closing cost dropped by 7.4 percent from 2011, according to Bankrate.com. New York and Texas remained the most expensive states for closing costs, with New York's average at $5,435, followed by Texas at $4,619. Missouri had the lowest average cost at $3,006.
Washington placed 33rd in 2011 in average closing costs nationwide. The largest cost reduction in Washington came in title fees and closing costs, which dropped from an average of $2,251 in 2011 to $1,883 this year.