Arecibo Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Arecibo averaged
7.2%
for the week of 2023-09-14, compared to the national average of
7.18% for the same period.
The average rate for the prior week (2023-09-07) was
7.34% and
one month ago for the week of 2023-08-10, the
average rate was 7.08%.
Arecibo's average rate one year ago was 6.11%.
For refis of the same type during the week of 2023-09-14, the average rate
was 7.78%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-09-14 | 7.18% |
| Arecibo 30 Year Fixed Rate | 2023-09-14 | 7.2% |
| Arecibo 30 Year Fixed Rate Refi | 2023-09-14 | 7.78% |
| Arecibo 15 Year Fixed Rate | 2023-09-14 | 6.61% |
| Arecibo 15 Year Fixed Rate Refi | 2023-09-14 | 6.91% |
| Arecibo 30 Year FHA | 2023-09-14 | 6.9% |
| Arecibo 30 Year FHA Refi | 2023-09-14 | 7.19% |
| Arecibo 30 Year USDA | 2023-09-14 | 6.57% |
| Arecibo 30 Year USDA Refi | 2023-09-14 | 6.98% |
| Arecibo 30 Year VA | 2023-09-14 | 6.61% |
| Arecibo 30 Year VA Refi | 2023-09-14 | 6.61% |
Arecibo Top Lenders by Rates & Fees
The below table looks at the consensus average rates and fees provided by each lender, for only loans originated in the Arecibo, PR market. This includes FHA, Conventional, USDA and VA loans, as well as refis. All terms in the below chart are 30 year fixed rate. Unless noted otherwise, other data is all inclusive (FHA, ARM, 15-yr, etc.).
Arecibo Average Closing Costs & Other Stats
Arecibo, PR's 24 lenders originated 628
loans during 2022. The total origination value was $72,150,000, with an average loan value of
$114,889.
Arecibo's average closing costs are $6,135.
The top Arecibo lender as defined by loan originations is Banco Popular de Puerto Rico, with
37 loans originated. Their average total fees are
$4,710, which is $5
lower than the next largest lender,
COOPERATIVA DE AHORRO Y CREDITO DE CAMUY.
The lowest fee Arecibo lenders (with over 10 loans originated) are
FIRSTBANK PUERTO RICO ($4,629), Banco Popular de Puerto Rico ($4,710), COOPERATIVA DE AHORRO Y CREDITO DE CAMUY ($4,716), PENTAGON FEDERAL CREDIT UNION ($5,279) and COOPERATIVA DE AHORRO Y CREDITO DR. MANUEL ZENO GANDIA ($6,643).
The lowest rate Arecibo lenders (with over 10 loans originated) are
PENTAGON FEDERAL CREDIT UNION (3.50%), Cooperativa A/C de Arecibo (4.00%), FIRSTBANK PUERTO RICO (4.89%), COOPERATIVA DE AHORRO Y CREDITO DR. MANUEL ZENO GANDIA (5.26%) and Banco Popular de Puerto Rico (5.53%).
Arecibo, PR Mortgage Market Share & Volume
Loan origination value is a good proxy for a lender's prominence within the market. The general assumption is that larger lenders will have more resources, but may spend more (and therefore charge more) on marketing and overhead expenses.
| Name | 2021 Loan Value | 2022 Loan Value | % Change | 2022 Market Share |
|---|---|---|---|---|
| FIRSTBANK PUERTO RICO | $17,115,000 | $8,445,000 | -50.7% | 11.7% |
| Banco Popular de Puerto Rico | $11,290,000 | $8,300,000 | -26.5% | 11.5% |
| METRO ISLAND MORTGAGE, INC. | $8,780,000 | $7,070,000 | -19.5% | 9.8% |
| COOPERATIVA DE AHORRO Y CREDITO DE CAMUY | $9,540,000 | $5,030,000 | -47.3% | 7.0% |
| PENTAGON FEDERAL CREDIT UNION | $5,185,000 | $3,920,000 | -24.4% | 5.4% |
| PREFERRED MORTGAGE CORPORATION | $5,895,000 | $3,785,000 | -35.8% | 5.2% |
| Oriental Bank | $9,565,000 | $3,485,000 | -63.6% | 4.8% |
| THE MONEY HOUSE INC. | $2,660,000 | $3,430,000 | 28.9% | 4.8% |
| Cooperativa A/C de Arecibo | $3,980,000 | $3,390,000 | -14.8% | 4.7% |
| COOPERATIVA DE AHORRO Y CREDITO LA PUERTORRIQUEÑA | $3,595,000 | $2,655,000 | -26.1% | 3.7% |
| Capital Mortgage Services Corp. | $3,380,000 | $2,240,000 | -33.7% | 3.1% |
| SUN WEST MORTGAGE COMPANY, INC. | $3,835,000 | $1,860,000 | -51.5% | 2.6% |
| HOME MORTGAGE BANKERS CORP. | $955,000 | $1,615,000 | 69.1% | 2.2% |
| CALCON MUTUAL MORTGAGE LLC | $515,000 | $1,490,000 | 189.3% | 2.1% |
| TRUST MORTGAGE, CORP | $2,390,000 | $1,415,000 | -40.8% | 2.0% |
| MULTIPLES MORTGAGE CORPORATION | $410,000 | $1,295,000 | 215.9% | 1.8% |
| FIRST EQUITY MORTGAGE BANKERS, INC. | $2,065,000 | $1,280,000 | -38.0% | 1.8% |
| COOPERATIVA DE AHORRO Y CREDITO DR. MANUEL ZENO GANDIA | $835,000 | $1,160,000 | 38.9% | 1.6% |
| COOPERATIVA DE AHORRO Y CREDITO DE LARES | $245,000 | $1,095,000 | 346.9% | 1.5% |
| RM ACTUAL MORTGAGE, INC. | $1,145,000 | $1,070,000 | -6.6% | 1.5% |
| Cooperativa de Ahoro y Crédito Bo. Quebrada de Camuy, P.R. | $1,040,000 | $995,000 | -4.3% | 1.4% |
| COOPERATIVA DE AHORRO Y CREDITO DE ISABELA | $1,390,000 | $985,000 | -29.1% | 1.4% |
| Cooperativa de Ahorro y Credito de Rincon | $80,000 | $785,000 | 881.3% | 1.1% |
| Rf Mortgage & Investment Corp | $1,750,000 | $600,000 | -65.7% | 0.8% |
| HR MORTGAGE CORP. | $480,000 | $525,000 | 9.4% | 0.7% |
| SAN RAFAEL COOP | $560,000 | $495,000 | -11.6% | 0.7% |
| Senior Mortgage Bankers Inc | $1,135,000 | $480,000 | -57.7% | 0.7% |
| COOPERATIVA DE AHORRO Y CREDITO VEGA ALTA | $375,000 | n/a | 0.5% | |
| COOPERATIVA DE AHORRO Y CREDITO DE MANATI INC. | $405,000 | $325,000 | -19.8% | 0.5% |
| E.M.I. EQUITY MORTGAGE, INC. | $1,545,000 | $315,000 | -79.6% | 0.4% |
| CROSSCOUNTRY MORTGAGE, LLC | $300,000 | n/a | 0.4% | |
| VIG MORTGAGE CORPORATION | $235,000 | $300,000 | 27.7% | 0.4% |
| The Lending Center Corporation | $730,000 | $255,000 | -65.1% | 0.4% |
| Equity Prime Mortgage LLC | $210,000 | n/a | 0.3% |
Arecibo's top lender by overall market share is FIRSTBANK PUERTO RICO, with 11.7% market share. In second place, with 11.5%, is Banco Popular de Puerto Rico, having originated $8,300,000 in loans. In third place, with 9.8%, is METRO ISLAND MORTGAGE, INC., having originated $7,070,000 in loans. In fourth place, with 7.0%, is COOPERATIVA DE AHORRO Y CREDITO DE CAMUY, having originated $5,030,000 in loans. In fifth place, with 5.4%, is PENTAGON FEDERAL CREDIT UNION, having originated $3,920,000 in loans.
Arecibo, PR Average Rent (2023)
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| Zip Code | Metro | Studio Apartment Rent | 1BR Apartment Rent | 2BR Apartment Rent | 3BR Apartment Rent | 4BR Apartment Rent |
|---|---|---|---|---|---|---|
| 00612 | Arecibo, PR | $410 | $430 | $510 | $670 | $820 |
| 00613 | Arecibo, PR | $410 | $410 | $470 | $630 | $740 |
| 00614 | Arecibo, PR | $410 | $410 | $470 | $630 | $740 |
| 00616 | Arecibo, PR | $480 | $490 | $560 | $750 | $880 |
| 00627 | Arecibo, PR | $410 | $410 | $470 | $630 | $740 |
| 00650 | Arecibo, PR | $400 | $430 | $510 | $670 | $820 |
| 00652 | Arecibo, PR | $410 | $420 | $480 | $640 | $760 |
| 00659 | Arecibo, PR | $390 | $390 | $450 | $600 | $710 |
| 00662 | Arecibo, PR | $410 | $430 | $490 | $610 | $720 |
| 00678 | Arecibo, PR | $400 | $410 | $470 | $620 | $740 |
| 00688 | Arecibo, PR | $390 | $390 | $450 | $600 | $710 |
2022 Average & Median Rent Data Statistics
Arecibo, PR average 1BR rent: $420, median: $410
Arecibo, PR average 2BR rent: $485, median: $470
Arecibo, PR average 3BR rent: $641, median: $630
Arecibo, PR Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 498 | $57,840,000 | $116,145 |
| Cash Out Refi | 67 | $7,235,000 | $107,985 |
| Refi | 57 | $6,445,000 | $113,070 |
| Other | 6 | $630,000 | $105,000 |
Arecibo's most frequently cited loan purpose was Home Purchase, with 498 originations. The 2nd most popular reason was Cash Out Refi, with 67 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 163 | $18,865,000 | $115,736 |
| 4-5% | 155 | $17,885,000 | $115,387 |
| 3-4% | 119 | $14,455,000 | $121,471 |
| 6-7% | 115 | $12,665,000 | $110,130 |
| 2.5-3% | 30 | $3,900,000 | $130,000 |
| <2.5% | 20 | $2,230,000 | $111,500 |
| 7-8% | 12 | $920,000 | $76,667 |
| Over 8% | 2 | $130,000 | $65,000 |
During 2022, Arecibo's most frequently originated rate bucket was 5-6%, with 163 originations.
Loan Sizing (Arecibo, PR MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 332 | $23,950,000 | $72,139 |
| $100k-200k | 241 | $32,875,000 | $136,411 |
| $200k-400k | 52 | $13,150,000 | $252,885 |
| $400k-600k | 2 | $970,000 | $485,000 |
| $Over $1MM | 1 | $1,205,000 | $1,205,000 |
Arecibo's loan sizing saw the bucket of loans from $100,000 or less with 332 originations, totaling $23,950,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 303 | $40,925,000 | $135,066 |
| 60-80% | 221 | $22,455,000 | $101,606 |
| 40-60% | 66 | $4,890,000 | $74,091 |
| 20-40% | 13 | $765,000 | $58,846 |
| Over 100% | 10 | $1,780,000 | $178,000 |
| Under 20% | 2 | $170,000 | $85,000 |
Arecibo's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 303 originations, totaling $40,925,000 in origination value.