Pursuits
Lender Competition Means Lower Closing Costs for U.S. Mortgages
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Competition among lenders has been good for U.S. homebuyers.
The average mortgage-origination fee fell 22 percent in the 12 months through June to $1,041 as nontraditional lenders gave borrowers more options, pushing banks to make concessions to stay competitive, according to an annual survey by Bankrate Inc. Charges are declining even as banks struggle with costly regulations spurred by the 2008 financial crisis, said Greg McBride, Bankrate’s chief financial analyst.