Closing costs are rising faster than inflation, according to a new survey from Bankrate.com. The cost of obtaining a mortgage is up 20 percent since 2010, with Texas leading the way. Closings cost an average $3,046 in the Lone Star State, followed by Alaska ($2,897), New York ($2,892), Hawaii ($2,808) and Wisconsin ($2,706).
The least expensive states for obtaining a mortgage are the District of Columbia ($2,402), Ohio ( $2,392), Missouri, ($2,387), Tennessee ($2,366) and Nevada ($2,265).
Massachusetts places in the middle of the pack with the 17th highest closing cost in the country. The national average is $2,539.
Lenders' origination fees account for the greatest portion of the total. Title searches and appraisals make up the remainder. Bankrate.com's Holden Lewis blames tight new government regulations for the spike in closing costs.
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