The average cost to close on a mortgage in the U.S. dropped seven percent over the past year to $3,754, according to Bankrate's Eighth Annual Closing Costs Survey. Title insurance and other third-party fees fell 12 percent from 2011, while origination fees edged down one percent.
For the third straight year, New York State has the nation's most expensive closing costs at an average of $5,435. The next most expensive states are Texas, Pennsylvania, Florida and Oklahoma. The least expensive state is Missouri ($3,006 on average), which is joined by Kansas, Colorado, Iowa and Arkansas among the five cheapest states.
With the cost of buying a home decreasing as well as interest rates at historically low levels consumers are stepping up and starting to house hunt and inquire about mortgages as well as refinancing. Homeowners that are refinancing are lowering their interest rates and saving money. If you are in a current mortgage now is a great time to inquire with a loan officer for a no obligation quote to see how much money you could be saving. USMortgage.com has loan officer's available to discuss your options.