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August 04, 2014 05:30 PM

Mortgage Closing Costs Are Rising

Mortgage closing costs rose six percent over the past year and now average $2,539 on a $200,000 loan, according to Bankrate.com. Origination fees increased nine percent to $1,877 and third-party fees rose one percent to $662.

South Dakota has the 18th-highest mortgage closing costs in the nation, according to Bankrate.com, it’s $2,563.

Texas’ average closing costs of $3,046 are the highest in the nation and Alaska, New York, Hawaii and Wisconsin round out the top five.

The cheapest closing costs are in Nevada with an average of $2,265. Tennessee, Missouri, Ohio and Washington, D.C., comprise the rest of the bottom five.

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