Closing Costs are Dropping for Home Owners

August 4, 2015

The closing fees that go with borrowing for a home have lessened by seven percent over the past year, now averaging $1,850 on a $200,000 loan.

CBS News examined a Bankrate.com study and found a few factors for the declining rates, including fewer people who refinance their mortgages and a softened demand for home loans.

Ohio ($1,613), Idaho ($1,682), Wyoming ($1,689), Utah ($1,697), and Maine ($1,727) are the states with the lowest mortgage closing costs.

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