No Big Surprise: Closing Costs in New York Higher

Everything is more expensive in Manhattan, so it does not comes as a huge shock that New York has the highest closest costs of all the states in the U.S.

10 States with Pricey Closing Costs
Closing costs have risen an average of 36.6 percent compared to 2009, according to Bankrate.com.

The big increased was caused by the U.S. government requiring lenders to provide accurate good faith estimates of closing costs. Previously, lenders weren’t penalized for a bad estimate.

On average, the origination and third party fees on a $200,000 purchase mortgage added up to $3,741.

Here are the 10 highest states:

1. New York, $5,623
2. Texas, $4,708
3. Utah, $4,605
4. California-San Francisco, $4,566; California-Los Angeles, $4,406
5. Alaska, $4,327
6. Oklahoma, $4,254
7. Pennsylvania, $4,236
8. New Jersey, $4,110
9. Idaho, $4,077
10. Massachusetts, $4,025

Source: Bankrate.com (08/16/2010)