Arecibo Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Arecibo averaged
6.67%
for the week of 2024-11-14, compared to the national average of
6.78% for the same period.
The average rate for the prior week (2024-11-07) was
6.58% and
one month ago for the week of 2024-10-10, the
average rate was 6.21%.
Arecibo's average rate one year ago was 7.19%.
For refis of the same type during the week of 2024-11-14, the average rate
was 6.88%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-14 | 6.78% |
| Arecibo 30 Year Fixed Rate | 2024-11-14 | 6.67% |
| Arecibo 30 Year Fixed Rate Refi | 2024-11-14 | 6.88% |
| Arecibo 15 Year Fixed Rate | 2024-11-14 | 6.09% |
| Arecibo 15 Year Fixed Rate Refi | 2024-11-14 | 6.39% |
| Arecibo 30 Year FHA | 2024-11-14 | -0.12% |
| Arecibo 30 Year FHA Refi | 2024-11-14 | 0.1% |
| Arecibo 30 Year USDA | 2024-11-14 | 0.2% |
| Arecibo 30 Year USDA Refi | 2024-11-14 | 0.1% |
| Arecibo 30 Year VA | 2024-11-14 | 0.2% |
| Arecibo 30 Year VA Refi | 2024-11-14 | 0.1% |
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 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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| 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.