General World News

Refinance closing costs vary sharply by state

The average closing costs for a refinance mortgage in the U.S. totaled $2,403 last year, or about 0.72% of the loan amount, according to a new report from LodeStar Software Solutions.

The findings mark the company’s first analysis of refinance-specific closing costs. Closing fees ranged widely by location and are influenced largely by state and local taxes.

New York topped the list with closing costs averaging 2.1% of the loan amount — nearly three times the national average. Average costs in the state came in at $6,565.

Washington, D.C., recorded the highest average closing cost of $6,773, details ⇒

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