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17 Aug 10 Mortgage Costs Rising Nationally

BankRate reported that mortgage closing costs such as origination fees and third-party fees increased 36.6% from last year’s average of $2,739.  The financial survey company also indicated that that New York mortgage loans had the highest closing costs at $5,623 and Arkansas had the lowest, at $3,007.  According to a Bankrate spokeman, the financial reform law penalizes loan companies if they underestimate mortgage closing costs, so this year’s survey reporting could be a high estimate.

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