Bankrate.com released results from their annual national closing cost survey today revealing overall closing costs were down 7 percent. The total closing cost rounds out to roughly a $3,754 average.
Contributing to the decline in closing costs would be that title and insurance as well as other third-party fees dropped 12 percent from last year, and origination fees shaved off 1 percent.
Greg McBride, CFA, Bankrate.com's senior financial analyst, had this to say about the drop in fees; "This is the second year in which lenders are required to estimate third-party fees within 10 percent of the final cost. It seems like they're getting more accurate, which helps explain the sharp decrease in these fees over the past year."