Discover the Latest on Closing Costs: CoreLogic’s ClosingCorp Report 2021
- See the 13.4% increase in average closing costs for purchase mortgages in 2021
- Find out how the Eastern region of the U.S. ranked in closing costs, with Washington, D.C. topping the list at $29,888
Irvine, Calif., April 21, 2022 –
The report reveals that in 2021, the national average for mortgage closing costs for a single-family property were $6,905 including transfer taxes and $3,860 excluding transfer taxes. These amounts represent a 13.4% and 11.2% year-over-year increase, respectively.
Highlights:
- The U.S. home price increased by over $50,000, while average purchase closing costs increased by $818 including taxes and $390 excluding taxes
- Closing costs as a percentage of home sales prices were slightly down from 2020
- Average purchase fees as a percentage of the average sales price in 2021 were 1.81% compared to 1.85% in 2020
“As the mortgage industry comes off two years of record-low interest rates and red-hot consumer demand, lenders are now pivoting to address increasing headwinds from higher loan origination costs and lower origination volumes,” said Bob Jennings, executive, CoreLogic Underwriting Solutions. “The Mortgage Bankers Association recently reported lender origination costs show a 13.2% year-over-year increase, which corresponds closely to the 13.4% increase we are seeing on purchase mortgage closing costs.
State and Metro Takeaways:
- Washington, D.C. had the highest average closing costs including transfer taxes at $29,888
- Metro areas with the highest average fees with taxes were primarily in the Eastern region of the United States
Learn more about the report and download the annual 2021 Refinance Mortgage Closing Cost Report by visiting
