New York Tops Refinance Closing Costs at $10,553 as U.S. Average Stays at $2,207

1 articles · Updated · Newsweek · May 16

New York homeowners face the highest average refinance closing costs in the U.S. at $10,553, equal to 2.06% of the average loan amount, according to a new LodeStar study.
Transfer taxes, recording charges and other state fee structures drive the gap; Florida ranks next at 1.36%, while California is lowest at 0.32%.
Nationally, the average refinance loan is $330,622 and average total closing costs are $2,207, or 0.67% of the loan amount.
Refinancing demand has been uneven as mortgage rates climbed back above 6% after U.S.-Israeli strikes on Iran; applications fell 4.4% week over week but rose 14.9% from a year earlier.
As of May 14, the 30-year fixed mortgage rate stood at 6.36%, below 6.81% a year earlier, leaving some borrowers to weigh refinancing against HELOCs or home equity loans.

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