Coamo Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Coamo averaged
7.35%
for the week of 2023-03-23, compared to the national average of
6.42% for the same period.
The average rate for the prior week (2023-03-16) was
7.53% and
one month ago for the week of 2023-02-16, the
average rate was 6.95%.
Coamo's average rate one year ago was 4.63%.
For refis of the same type during the week of 2023-03-23, the average rate
was 7.1%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-03-23 | 6.42% |
| Coamo 30 Year Fixed Rate | 2023-03-23 | 7.35% |
| Coamo 30 Year Fixed Rate Refi | 2023-03-23 | 7.1% |
| Coamo 15 Year Fixed Rate | 2023-03-23 | 8.26% |
| Coamo 15 Year Fixed Rate Refi | 2023-03-23 | 5.95% |
| Coamo 30 Year FHA | 2023-03-23 | 6.68% |
| Coamo 30 Year FHA Refi | 2023-03-23 | 5.88% |
| Coamo 30 Year USDA | 2023-03-23 | 6.22% |
| Coamo 30 Year USDA Refi | 2023-03-23 | 5.9% |
| Coamo 30 Year VA | 2023-03-23 | 6.5% |
| Coamo 30 Year VA Refi | 2023-03-23 | 2.36% |
Coamo 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 Coamo, 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 | 2022 Avg. 30yFix Rate | 2022 Avg. Closing Costs |
|---|---|---|---|
| Banco Popular de Puerto Rico | 7 | 5.89% | $5,035 |
| Oriental Bank | 3 | 4.29% | $5,338 |
| Capital Mortgage Services Corp. | 1 | 7.75% | $5,623 |
| Cooperativa de Ahorro y Credito de Rincon | 1 | 6.50% | $4,147 |
| Cooperativa de Ahorro y Credito Jesus Obrero | 1 | 4.75% | $4,160 |
| Cooperativa De Ahorro Y Credito La Aiboniteña | 1 | 5.50% | $8,109 |
| COOPERATIVA DE CREDITO LA SAGRADA FAMILIA | 1 | 5.25% | $6,510 |
| FIRSTBANK PUERTO RICO | 1 | 5.38% | $7,854 |
| FIRST EQUITY MORTGAGE BANKERS, INC. | 1 | 5.88% | $6,035 |
| Rf Mortgage & Investment Corp | 1 | 5.88% | $5,298 |
| SUN WEST MORTGAGE COMPANY, INC. | 1 | 5.88% | $5,199 |
| Baxter Credit Union | 1 | 6.13% | $5,234 |
Coamo Average Closing Costs & Other Stats
Coamo, PR's 12 lenders originated 106
loans during 2022. The total origination value was $12,210,000, with an average loan value of
$115,189.
Coamo's average closing costs are $5,742.
The top Coamo lender as defined by loan originations is Banco Popular de Puerto Rico, with
7 loans originated. Their average total fees are
$5,035, which is $302
lower than the next largest lender,
Oriental Bank.
The lowest fee Coamo lenders (with over 10 loans originated) are
.
The lowest rate Coamo lenders (with over 10 loans originated) are
.
Coamo, 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 |
|---|---|---|---|---|
| Oriental Bank | $1,565,000 | $2,270,000 | 45.0% | 18.6% |
| Banco Popular de Puerto Rico | $3,265,000 | $2,005,000 | -38.6% | 16.4% |
| FIRSTBANK PUERTO RICO | $2,250,000 | $1,300,000 | -42.2% | 10.6% |
| METRO ISLAND MORTGAGE, INC. | $1,155,000 | $1,140,000 | -1.3% | 9.3% |
| FIRST EQUITY MORTGAGE BANKERS, INC. | $1,675,000 | $800,000 | -52.2% | 6.6% |
| THE MONEY HOUSE INC. | $1,950,000 | $760,000 | -61.0% | 6.2% |
| SUN WEST MORTGAGE COMPANY, INC. | $1,250,000 | $635,000 | -49.2% | 5.2% |
| PREFERRED MORTGAGE CORPORATION | $640,000 | $580,000 | -9.4% | 4.8% |
| PENTAGON FEDERAL CREDIT UNION | $350,000 | $520,000 | 48.6% | 4.3% |
| RM ACTUAL MORTGAGE, INC. | $55,000 | $370,000 | 572.7% | 3.0% |
| TRUST MORTGAGE, CORP | $520,000 | $285,000 | -45.2% | 2.3% |
| VIG MORTGAGE CORPORATION | $290,000 | $165,000 | -43.1% | 1.4% |
| Rf Mortgage & Investment Corp | $105,000 | $160,000 | 52.4% | 1.3% |
| Senior Mortgage Bankers Inc | $85,000 | $155,000 | 82.4% | 1.3% |
| HR MORTGAGE CORP. | $250,000 | $150,000 | -40.0% | 1.2% |
| Cooperativa de Ahorro y Credito de Rincon | $130,000 | n/a | 1.1% | |
| Capital Mortgage Services Corp. | $95,000 | $125,000 | 31.6% | 1.0% |
| MULTIPLES MORTGAGE CORPORATION | $155,000 | $125,000 | -19.4% | 1.0% |
| Baxter Credit Union | $115,000 | n/a | 0.9% | |
| Cooperativa De Ahorro Y Credito La Aiboniteña | $115,000 | n/a | 0.9% | |
| COOPERATIVA DE CREDITO LA SAGRADA FAMILIA | $95,000 | n/a | 0.8% | |
| HOME MORTGAGE BANKERS CORP. | $75,000 | $85,000 | 13.3% | 0.7% |
| Cooperativa de Ahorro y Credito Jesus Obrero | $75,000 | n/a | 0.6% | |
| Cooperativa De Credito Y Ahorro San Jose | $25,000 | n/a | 0.2% | |
| SAN RAFAEL COOP | $25,000 | n/a | 0.2% |
Coamo's top lender by overall market share is Oriental Bank, with 18.6% market share. In second place, with 16.4%, is Banco Popular de Puerto Rico, having originated $2,005,000 in loans. In third place, with 10.6%, is FIRSTBANK PUERTO RICO, having originated $1,300,000 in loans. In fourth place, with 9.3%, is METRO ISLAND MORTGAGE, INC., having originated $1,140,000 in loans. In fifth place, with 6.6%, is FIRST EQUITY MORTGAGE BANKERS, INC., having originated $800,000 in loans.
Coamo, PR Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 83 | $9,775,000 | $117,771 |
| Cash Out Refi | 17 | $1,825,000 | $107,353 |
| Refi | 5 | $545,000 | $109,000 |
| Other | 1 | $65,000 | $65,000 |
Coamo's most frequently cited loan purpose was Home Purchase, with 83 originations. The 2nd most popular reason was Cash Out Refi, with 17 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 26 | $3,070,000 | $118,077 |
| 5-6% | 26 | $2,860,000 | $110,000 |
| 3-4% | 21 | $2,605,000 | $124,048 |
| 6-7% | 13 | $1,325,000 | $101,923 |
| 2.5-3% | 9 | $1,035,000 | $115,000 |
| <2.5% | 5 | $735,000 | $147,000 |
| 7-8% | 4 | $390,000 | $97,500 |
| Over 8% | 1 | $65,000 | $65,000 |
During 2022, Coamo's most frequently originated rate bucket was 4-5%, with 26 originations.
Loan Sizing (Coamo, PR MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 56 | $7,620,000 | $136,071 |
| $100,000 or less | 44 | $3,070,000 | $69,773 |
| $200k-400k | 6 | $1,520,000 | $253,333 |
Coamo's loan sizing saw the bucket of loans from $100k-200k with 56 originations, totaling $7,620,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 54 | $7,340,000 | $135,926 |
| 60-80% | 36 | $3,500,000 | $97,222 |
| 40-60% | 12 | $710,000 | $59,167 |
| Over 100% | 2 | $480,000 | $240,000 |
| 20-40% | 1 | $55,000 | $55,000 |
Coamo's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 54 originations, totaling $7,340,000 in origination value.