Arecibo Mortgage Rates & Closing Costs

30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

30 Year Fixed Rate mortgages in Arecibo averaged 6.76% for the week of 2024-06-20, compared to the national average of 6.87% for the same period.

The average rate for the prior week (2024-06-13) was 6.84% and one month ago for the week of 2024-05-16, the average rate was 6.61%.

Arecibo's average rate one year ago was 6.28%.

For refis of the same type during the week of 2024-06-20, the average rate was 7.07%.

Loan Type Date Rate
US 30 Year Fixed Rate 2024-06-20 6.87%
Arecibo 30 Year Fixed Rate 2024-06-20 6.76%
Arecibo 30 Year Fixed Rate Refi 2024-06-20 7.07%
Arecibo 15 Year Fixed Rate 2024-06-20 6.13%
Arecibo 15 Year Fixed Rate Refi 2024-06-20 6.43%
Arecibo 30 Year FHA 2024-06-20 -0.12%
Arecibo 30 Year FHA Refi 2024-06-20 0.1%
Arecibo 30 Year USDA 2024-06-20 0.2%
Arecibo 30 Year USDA Refi 2024-06-20 -0.2%
Arecibo 30 Year VA 2024-06-20 -0.2%
Arecibo 30 Year VA Refi 2024-06-20 0.2%
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Arecibo, PR.

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.).

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Banco Popular de Puerto Rico 43 7.39% $5,404
COOPERATIVA DE AHORRO Y CREDITO DE CAMUY 39 6.59% $5,517
FIRSTBANK PUERTO RICO 37 6.18% $5,330
Cooperativa A/C de Arecibo 29 5.78% $6,896
PENTAGON FEDERAL CREDIT UNION 10 6.44% $7,459
Oriental Bank 9 6.18% $6,942
SAN RAFAEL COOP 7 6.09% $6,573
FIRST EQUITY MORTGAGE BANKERS, INC. 7 6.67% $6,098
THE MONEY HOUSE INC. 6 7.63% $5,073
COOPERATIVA DE AHORRO Y CREDITO DR. MANUEL ZENO GANDIA 6 7.33% $7,385
COOPERATIVA DE AHORRO Y CREDITO DE LARES 5 6.19% $3,715
METRO ISLAND MORTGAGE, INC. 4 7.18% $8,450
MULTIPLES MORTGAGE CORPORATION 3 5.73% $10,783
COOPERATIVA DE AHORRO Y CREDITO DE ISABELA 3 5.79% $8,616
SUN WEST MORTGAGE COMPANY, INC. 3 7.63% $6,326
Cooperativa de Ahorro y Credito de Rincon 3 6.17% $5,042
The Lending Center Corporation 3 7.33% $8,457
COOPERATIVA DE AHORRO Y CREDITO DE MANATI INC. 3 7.67% $8,162
TRUST MORTGAGE, CORP 2 7.25% $6,186
CALCON MUTUAL MORTGAGE LLC 2 7.50% $5,945
Capital Mortgage Services Corp. 2 7.56% $5,935
Senior Mortgage Bankers Inc 2 7.19% $13,334
Rf Mortgage & Investment Corp 1 6.25% $6,335
PREFERRED MORTGAGE CORPORATION 1 7.88% $7,649
HR MORTGAGE CORP. 1 7.50% $6,204

Arecibo Average Closing Costs & Other Stats

Arecibo, PR's 25 lenders originated 618 loans during 2023. The total origination value was $75,530,000, with an average loan value of $122,217.

Arecibo's average closing costs are $6,419.

The top Arecibo lender as defined by loan originations is Banco Popular de Puerto Rico, with 43 loans originated. Their average total fees are $5,404, which is $112 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 ($5,330), Banco Popular de Puerto Rico ($5,404), COOPERATIVA DE AHORRO Y CREDITO DE CAMUY ($5,517), Cooperativa A/C de Arecibo ($6,896) and PENTAGON FEDERAL CREDIT UNION ($7,459).

The lowest rate Arecibo lenders (with over 10 loans originated) are Cooperativa A/C de Arecibo (5.78%), FIRSTBANK PUERTO RICO (6.18%), PENTAGON FEDERAL CREDIT UNION (6.44%), COOPERATIVA DE AHORRO Y CREDITO DE CAMUY (6.59%) and Banco Popular de Puerto Rico (7.39%).

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 2022 Loan Value 2023 Loan Value % Change 2023 Market Share
FIRSTBANK PUERTO RICO $8,445,000 $9,840,000 16.5% 13.0%
Banco Popular de Puerto Rico $8,300,000 $9,240,000 11.3% 12.2%
METRO ISLAND MORTGAGE, INC. $7,070,000 $6,935,000 -1.9% 9.2%
COOPERATIVA DE AHORRO Y CREDITO DE CAMUY $5,030,000 $6,890,000 37.0% 9.1%
PENTAGON FEDERAL CREDIT UNION $3,920,000 $4,980,000 27.0% 6.6%
THE MONEY HOUSE INC. $3,430,000 $4,640,000 35.3% 6.1%
Oriental Bank $3,485,000 $4,280,000 22.8% 5.7%
SUN WEST MORTGAGE COMPANY, INC. $1,860,000 $3,850,000 107.0% 5.1%
Cooperativa A/C de Arecibo $3,390,000 $3,180,000 -6.2% 4.2%
HOME MORTGAGE BANKERS CORP. $1,615,000 $2,025,000 25.4% 2.7%
COOPERATIVA DE AHORRO Y CREDITO LA PUERTORRIQUEÑA $2,655,000 $1,850,000 -30.3% 2.4%
PREFERRED MORTGAGE CORPORATION $3,785,000 $1,725,000 -54.4% 2.3%
Cooperativa de Ahoro y Crédito Bo. Quebrada de Camuy, P.R. $995,000 $1,470,000 47.7% 1.9%
TRUST MORTGAGE, CORP $1,415,000 $1,365,000 -3.5% 1.8%
COOPERATIVA DE AHORRO Y CREDITO DE ISABELA $985,000 $1,110,000 12.7% 1.5%
FIRST EQUITY MORTGAGE BANKERS, INC. $1,280,000 $1,110,000 -13.3% 1.5%
SAN RAFAEL COOP $495,000 $1,095,000 121.2% 1.4%
Senior Mortgage Bankers Inc $480,000 $1,035,000 115.6% 1.4%
HR MORTGAGE CORP. $525,000 $990,000 88.6% 1.3%
MULTIPLES MORTGAGE CORPORATION $1,295,000 $910,000 -29.7% 1.2%
RM ACTUAL MORTGAGE, INC. $1,070,000 $850,000 -20.6% 1.1%
COOPERATIVA DE AHORRO Y CREDITO DE MANATI INC. $325,000 $765,000 135.4% 1.0%
Cooperativa de Ahorro y Credito de Rincon $785,000 $650,000 -17.2% 0.9%
COOPERATIVA DE AHORRO Y CREDITO DR. MANUEL ZENO GANDIA $1,160,000 $520,000 -55.2% 0.7%
Rf Mortgage & Investment Corp $600,000 $510,000 -15.0% 0.7%
The Lending Center Corporation $255,000 $460,000 80.4% 0.6%
E.M.I. EQUITY MORTGAGE, INC. $315,000 $450,000 42.9% 0.6%
CROSSCOUNTRY MORTGAGE, LLC $300,000 $440,000 46.7% 0.6%
COOPERATIVA DE AHORRO Y CREDITO DE LARES $1,095,000 $400,000 -63.5% 0.5%
VIG MORTGAGE CORPORATION $300,000 $350,000 16.7% 0.5%
Capital Mortgage Services Corp. $2,240,000 $330,000 -85.3% 0.4%
Equity Prime Mortgage LLC $210,000 $245,000 16.7% 0.3%
CALCON MUTUAL MORTGAGE LLC $1,490,000 $210,000 -85.9% 0.3%

Arecibo's top lender by overall market share is FIRSTBANK PUERTO RICO, with 13.0% market share. In second place, with 12.2%, is Banco Popular de Puerto Rico, having originated $9,240,000 in loans. In third place, with 9.2%, is METRO ISLAND MORTGAGE, INC., having originated $6,935,000 in loans. In fourth place, with 9.1%, is COOPERATIVA DE AHORRO Y CREDITO DE CAMUY, having originated $6,890,000 in loans. In fifth place, with 6.6%, is PENTAGON FEDERAL CREDIT UNION, having originated $4,980,000 in loans.

Arecibo, PR Average Rent (2023)

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For additional perspective within a market, below is information regarding the average rents (as defined by HUD) for zip codes within the metro area. Descriptive statistics (average, median) are shown below the table.
Zip Code Metro Studio Apartment Rent 1BR Apartment Rent 2BR Apartment Rent 3BR Apartment Rent 4BR Apartment Rent
612 Arecibo, PR MSA $420 $430 $490 $650 $790
613 Arecibo, PR MSA $420 $430 $490 $630 $700
614 Arecibo, PR MSA $420 $430 $490 $630 $700
616 Arecibo, PR MSA $440 $450 $510 $680 $800
627 Arecibo, PR MSA $430 $440 $500 $640 $720
650 Arecibo, PR MSA $470 $480 $550 $760 $910
652 Arecibo, PR MSA $530 $540 $610 $780 $870
659 Arecibo, PR MSA $420 $420 $480 $620 $690
662 Arecibo, PR MSA $400 $430 $500 $620 $700
678 Arecibo, PR MSA $430 $440 $500 $640 $720
688 Arecibo, PR MSA $420 $420 $480 $620 $690

2022 Average & Median Rent Data Statistics
Arecibo, PR average 1BR rent: $446, median: $430
Arecibo, PR average 2BR rent: $509, median: $500
Arecibo, PR average 3BR rent: $661, median: $640

Arecibo, PR Market Loan Reason

Loan Purpose Originations Total Value Average Loan
Home Purchase 521 $63,845,000 $122,543
Cash Out Refi 59 $7,745,000 $131,271
Refi 19 $1,915,000 $100,789
Other 16 $1,670,000 $104,375
Home Improvement 3 $355,000 $118,333

Arecibo's most frequently cited loan purpose was Home Purchase, with 521 originations. The 2nd most popular reason was Cash Out Refi, with 59 originations.

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan
6-7% 274 $31,970,000 $116,679
5-6% 173 $24,275,000 $140,318
7-8% 91 $9,705,000 $106,648
4-5% 32 $4,940,000 $154,375
Over 8% 25 $2,165,000 $86,600
3-4% 6 $850,000 $141,667
2.5-3% 1 $155,000 $155,000

During 2023, Arecibo's most frequently originated rate bucket was 6-7%, with 274 originations.

Loan Sizing (Arecibo, PR MSA)

Loan Size Originations Total Value Average Loan
$100,000 or less 302 $21,200,000 $70,199
$100k-200k 236 $32,740,000 $138,729
$200k-400k 76 $19,390,000 $255,132
$400k-600k 3 $1,425,000 $475,000
$600k-1000k 1 $775,000 $775,000

Arecibo's loan sizing saw the bucket of loans from $100,000 or less with 302 originations, totaling $21,200,000 in origination value.

LTV Distribution

Loan to Value Originations Total Value Average Loan
60-80% 253 $25,995,000 $102,747
80-100% 244 $38,210,000 $156,598
40-60% 75 $5,185,000 $69,133
20-40% 15 $955,000 $63,667
Over 100% 15 $3,715,000 $247,667

Arecibo's loan sizing saw loans grouped in the 60-80% Loan-to-value bucket with 253 originations, totaling $25,995,000 in origination value.