Map Reveals States With Highest Mortgage Closing Costs
Summary
Mortgage refinancing has become more popular as rates dropped below past levels, but recent geopolitical events caused rates to rise again above 6 percent. Closing costs for refinancing vary widely by state, with New York having the highest average costs and California the lowest.Key Facts
- Mortgage refinancing applications increased 14.9% year-over-year but dropped 4.4% in one recent week.
- As of May 14, the average 30-year fixed mortgage rate was 6.36%, lower than last year’s 6.81%.
- The average refinance loan amount in the U.S. is $330,622.
- Average total closing costs for refinancing are $2,207, or 0.67% of the loan amount.
- New York has the highest refinance closing costs at 2.06% of the loan amount, averaging $10,553.
- Other states with high costs include Florida (1.36%), Oklahoma (1.13%), Pennsylvania (1.01%), and Texas (0.96%).
- States with the lowest closing costs include California (0.32%), South Dakota (0.35%), and Arizona (0.37%).
- Closing costs include fees like transfer taxes, recording charges, settlement fees, and lender title policies.
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