New Mexico is the 14th most expensive state for mortgage closing costs, according to a new survey from Bankrate Inc.
The Bankrate (NYSE: RATE) 2011 Closing Costs Survey shows that nationwide the average origination and title fees on a $200,000 mortgage are up 8.8 percent from a year ago for a total of $4,070.
In New Mexico, the total cost is $4,288, which includes $2,695 in title and closing costs, as well as $1,593 in origination fees. Origination fees include lender charges for services such as underwriting and processing.
New Mexico was the 33rd most expensive state for mortgage closing costs in 2010.
New York is the most expensive state with total fees of $6,183, followed by Texas ($4,944) and Utah ($4,906).