Coamo Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Coamo averaged
7.1%
for the week of 2024-04-18, compared to the national average of
7.1% for the same period.
The average rate for the prior week (2024-04-11) was
6.68% and
one month ago for the week of 2024-03-14, the
average rate was 6.64%.
Coamo's average rate one year ago was 6.17%.
For refis of the same type during the week of 2024-04-18, the average rate
was 7.9%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-04-18 | 7.1% |
| Coamo 30 Year Fixed Rate | 2024-04-18 | 7.1% |
| Coamo 30 Year Fixed Rate Refi | 2024-04-18 | 7.9% |
| Coamo 15 Year Fixed Rate | 2024-04-18 | 6.49% |
| Coamo 15 Year Fixed Rate Refi | 2024-04-18 | 6.39% |
| Coamo 30 Year FHA | 2024-04-18 | 6.66% |
| Coamo 30 Year FHA Refi | 2024-04-18 | 6.96% |
| Coamo 30 Year USDA | 2024-04-18 | 6.76% |
| Coamo 30 Year USDA Refi | 2024-04-18 | 7.06% |
| Coamo 30 Year VA | 2024-04-18 | 6.96% |
| Coamo 30 Year VA Refi | 2024-04-18 | 6.86% |
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 | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| Banco Popular de Puerto Rico | 10 | 7.75% | $3,880 |
| SUN WEST MORTGAGE COMPANY, INC. | 5 | 7.28% | $5,207 |
| Oriental Bank | 4 | 6.31% | $4,933 |
| Cooperativa De Credito Y Ahorro San Jose | 1 | 6.75% | $5,641 |
| Equity Prime Mortgage LLC | 1 | 7.63% | $9,861 |
| Cooperativa A/C de Arecibo | 1 | 6.75% | $13,388 |
| PENTAGON FEDERAL CREDIT UNION | 1 | 5.88% | $5,697 |
| CALCON MUTUAL MORTGAGE LLC | 1 | 7.25% | $6,884 |
| FIRSTBANK PUERTO RICO | 1 | 6.00% | $3,917 |
Coamo Average Closing Costs & Other Stats
Coamo, PR's 9 lenders originated 103
loans during 2023. The total origination value was $12,575,000, with an average loan value of
$122,087.
Coamo's average closing costs are $5,973.
The top Coamo lender as defined by loan originations is Banco Popular de Puerto Rico, with
10 loans originated. Their average total fees are
$3,880, which is $1,328
lower than the next largest lender,
SUN WEST MORTGAGE COMPANY, INC..
The lowest fee Coamo lenders (with over 10 loans originated) are
Banco Popular de Puerto Rico ($3,880), .
The lowest rate Coamo lenders (with over 10 loans originated) are
Banco Popular de Puerto Rico (7.75%), .
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 | 2022 Loan Value | 2023 Loan Value | % Change | 2023 Market Share |
|---|---|---|---|---|
| Banco Popular de Puerto Rico | $2,005,000 | $2,885,000 | 43.9% | 22.9% |
| THE MONEY HOUSE INC. | $760,000 | $1,665,000 | 119.1% | 13.2% |
| SUN WEST MORTGAGE COMPANY, INC. | $635,000 | $1,630,000 | 156.7% | 13.0% |
| FIRSTBANK PUERTO RICO | $1,300,000 | $1,085,000 | -16.5% | 8.6% |
| Oriental Bank | $2,270,000 | $995,000 | -56.2% | 7.9% |
| METRO ISLAND MORTGAGE, INC. | $1,140,000 | $810,000 | -28.9% | 6.4% |
| FIRST EQUITY MORTGAGE BANKERS, INC. | $800,000 | $565,000 | -29.4% | 4.5% |
| E.M.I. EQUITY MORTGAGE, INC. | $320,000 | n/a | 2.5% | |
| PENTAGON FEDERAL CREDIT UNION | $520,000 | $275,000 | -47.1% | 2.2% |
| RM ACTUAL MORTGAGE, INC. | $370,000 | $275,000 | -25.7% | 2.2% |
| HOME MORTGAGE BANKERS CORP. | $85,000 | $270,000 | 217.6% | 2.1% |
| PREFERRED MORTGAGE CORPORATION | $580,000 | $260,000 | -55.2% | 2.1% |
| HR MORTGAGE CORP. | $150,000 | $245,000 | 63.3% | 1.9% |
| VIG MORTGAGE CORPORATION | $165,000 | $200,000 | 21.2% | 1.6% |
| CALCON MUTUAL MORTGAGE LLC | $190,000 | n/a | 1.5% | |
| Cooperativa A/C de Arecibo | $185,000 | n/a | 1.5% | |
| LATIN AMERICAN FINANCIAL CORPORATION | $165,000 | n/a | 1.3% | |
| TRUST MORTGAGE, CORP | $285,000 | $160,000 | -43.9% | 1.3% |
| Equity Prime Mortgage LLC | $145,000 | n/a | 1.2% | |
| Capital Mortgage Services Corp. | $125,000 | $125,000 | 0.0% | 1.0% |
| Cooperativa De Credito Y Ahorro San Jose | $25,000 | $125,000 | 400.0% | 1.0% |
Coamo's top lender by overall market share is Banco Popular de Puerto Rico, with 22.9% market share. In second place, with 13.2%, is THE MONEY HOUSE INC., having originated $1,665,000 in loans. In third place, with 13.0%, is SUN WEST MORTGAGE COMPANY, INC., having originated $1,630,000 in loans. In fourth place, with 8.6%, is FIRSTBANK PUERTO RICO, having originated $1,085,000 in loans. In fifth place, with 7.9%, is Oriental Bank, having originated $995,000 in loans.
Coamo, PR Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 93 | $11,335,000 | $121,882 |
| Cash Out Refi | 6 | $850,000 | $141,667 |
| Home Improvement | 2 | $120,000 | $60,000 |
| Other | 2 | $270,000 | $135,000 |
Coamo's most frequently cited loan purpose was Home Purchase, with 93 originations. The 2nd most popular reason was Cash Out Refi, with 6 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 50 | $5,950,000 | $119,000 |
| 5-6% | 22 | $3,170,000 | $144,091 |
| 7-8% | 16 | $1,570,000 | $98,125 |
| 4-5% | 6 | $980,000 | $163,333 |
| Over 8% | 6 | $470,000 | $78,333 |
| 3-4% | 3 | $435,000 | $145,000 |
During 2023, Coamo's most frequently originated rate bucket was 6-7%, with 50 originations.
Loan Sizing (Coamo, PR MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 48 | $3,450,000 | $71,875 |
| $100k-200k | 44 | $6,020,000 | $136,818 |
| $200k-400k | 9 | $2,205,000 | $245,000 |
| $400k-600k | 2 | $900,000 | $450,000 |
Coamo's loan sizing saw the bucket of loans from $100,000 or less with 48 originations, totaling $3,450,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 60-80% | 44 | $3,960,000 | $90,000 |
| 80-100% | 41 | $6,205,000 | $151,341 |
| 40-60% | 12 | $860,000 | $71,667 |
| Over 100% | 5 | $1,505,000 | $301,000 |
| 20-40% | 1 | $45,000 | $45,000 |
Coamo's loan sizing saw loans grouped in the 60-80% Loan-to-value bucket with 44 originations, totaling $3,960,000 in origination value.