WASHINGTON (WUSA) -- Here's some good news for those looking to buy a home: closing costs are going down.
Over the past year, the average mortgage closing costs have fallen nearly 7 and a half percent.
Origination fees fell 1 percent, while title and closing costs dropped almost 12 percent.
Bankrate.com reports that stricter lending standards are shrinking the pool of Americans who can get a mortgage. So banks are being forced to vie for customers with good credit.