Refinance closing costs vary sharply by state
Briefly

The average closing costs for refinance mortgages in the U.S. totaled $2,403 in the past year, translating to about 0.72% of the loan amount, according to LodeStar Software Solutions. Costs varied significantly across states, with New York at 2.1% and an average of $6,565, and Washington, D.C. at $6,773. Conversely, states like California, Utah, and Maine enjoyed much lower percentages. Overall, jurisdictions lacking certain taxes tend to have lower closing costs, while those with high transfer or recording taxes, such as New Jersey and Pennsylvania, typically incur higher costs.
The average closing costs for a refinance mortgage in the U.S. totaled $2,403 last year, or about 0.72% of the loan amount, according to a new report from LodeStar Software Solutions.
In contrast, California, Utah and Maine recorded the lowest percentages at 0.33%, 0.40% and 0.44%, respectively.
Texas, which has no transfer taxes but holds the sixth highest total closing cost as a percentage of refinance loan amount, is an outlier.
The study found that jurisdictions without mortgage, recording or intangible taxes tend to have lower closing costs.
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