May 7, 2024 1:55 pm
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Mortgage closing costs are on the way up

closing-costsBy Julie Schmit | USA TODAY

Higher mortgage rates aren’t the only things driving up the cost of buying a home. Mortgage closing costs are up, too.

Loan-origination and other fees rose 6% the past year to $2,402 nationwide on a $200,000 single-family mortgage loan to a customer with excellent credit and a 20% down payment, according to survey data from Bankrate.com.

Origination fees accounted for the bulk of the increase. They jumped 8%, while third-party fees edged up 1%, indicates the survey conducted in June.

Origination fees are rising, in part, because interest rates are higher, says Guy Cecala, publisher of Inside Mortgage Finance.

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