It’s no secret that purchasing a home this year is more expensive than last. But rising home prices aren’t the only factor straining home buyer pocketbooks.
Mortgage closing costs jumped 6% over the past year, according to a survey released Monday from Bankrate.com. The average closing cost on a $200,000 loan hit $2,539 nationally in June, compared with $2,402 a year earlier.
The increase came primarily from the fees lenders charge to originate home loans. Those fees rose 9%, while third-party fees — such as those for appraisals — climbed just 1%, Bankrate said.
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