Coco Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Coco averaged
7.39%
for the week of 2023-09-21, compared to the national average of
7.19% for the same period.
The average rate for the prior week (2023-09-14) was
7.28% and
one month ago for the week of 2023-08-17, the
average rate was 6.89%.
Coco's average rate one year ago was 5.82%.
For refis of the same type during the week of 2023-09-21, the average rate
was 7.89%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-09-21 | 7.19% |
| Coco 30 Year Fixed Rate | 2023-09-21 | 7.39% |
| Coco 30 Year Fixed Rate Refi | 2023-09-21 | 7.89% |
| Coco 15 Year Fixed Rate | 2023-09-21 | 6.34% |
| Coco 15 Year Fixed Rate Refi | 2023-09-21 | 6.74% |
| Coco 30 Year FHA | 2023-09-21 | 6.94% |
| Coco 30 Year FHA Refi | 2023-09-21 | 7.24% |
| Coco 30 Year USDA | 2023-09-21 | 6.82% |
| Coco 30 Year USDA Refi | 2023-09-21 | 6.92% |
| Coco 30 Year VA | 2023-09-21 | 6.62% |
| Coco 30 Year VA Refi | 2023-09-21 | 6.72% |
Coco 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 Coco, 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 |
|---|---|---|---|
| FIRSTBANK PUERTO RICO | 3 | 5.33% | $5,681 |
| Banco Popular de Puerto Rico | 3 | 7.38% | $3,529 |
| PENTAGON FEDERAL CREDIT UNION | 2 | 3.06% | $3,288 |
| PREFERRED MORTGAGE CORPORATION | 2 | 6.50% | $5,961 |
| RM ACTUAL MORTGAGE, INC. | 2 | 5.63% | $12,235 |
| SUN WEST MORTGAGE COMPANY, INC. | 1 | 6.88% | $5,969 |
| Cooperativa de Ahorro y Credito de Rincon | 1 | 6.50% | $3,112 |
| Cooperativa De Ahorro Y Credito La Aiboniteña | 1 | 6.75% | $6,487 |
| FIRST EQUITY MORTGAGE BANKERS, INC. | 1 | 5.88% | $6,351 |
| Oriental Bank | 1 | 5.50% | $4,083 |
Coco Average Closing Costs & Other Stats
Coco, PR's 10 lenders originated 89
loans during 2022. The total origination value was $8,995,000, with an average loan value of
$101,067.
Coco's average closing costs are $5,255.
The top Coco lender as defined by loan originations is FIRSTBANK PUERTO RICO, with
3 loans originated. Their average total fees are
$5,681, which is $2,152
higher than the next largest lender,
Banco Popular de Puerto Rico.
The lowest fee Coco lenders (with over 10 loans originated) are
.
The lowest rate Coco lenders (with over 10 loans originated) are
.
Coco, 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 | $655,000 | $1,235,000 | 88.5% | 13.7% |
| THE MONEY HOUSE INC. | $1,120,000 | $1,085,000 | -3.1% | 12.1% |
| METRO ISLAND MORTGAGE, INC. | $900,000 | $925,000 | 2.8% | 10.3% |
| Banco Popular de Puerto Rico | $1,265,000 | $905,000 | -28.5% | 10.1% |
| SUN WEST MORTGAGE COMPANY, INC. | $1,715,000 | $735,000 | -57.1% | 8.2% |
| HR MORTGAGE CORP. | $625,000 | $730,000 | 16.8% | 8.1% |
| RM ACTUAL MORTGAGE, INC. | $1,150,000 | $655,000 | -43.0% | 7.3% |
| Oriental Bank | $470,000 | $605,000 | 28.7% | 6.7% |
| PREFERRED MORTGAGE CORPORATION | $415,000 | $370,000 | -10.8% | 4.1% |
| PENTAGON FEDERAL CREDIT UNION | $435,000 | $305,000 | -29.9% | 3.4% |
| CARIBE FEDERAL CREDIT UNION | $205,000 | n/a | 2.3% | |
| FIRST EQUITY MORTGAGE BANKERS, INC. | $640,000 | $200,000 | -68.8% | 2.2% |
| E.M.I. EQUITY MORTGAGE, INC. | $180,000 | $160,000 | -11.1% | 1.8% |
| The Lending Center Corporation | $155,000 | n/a | 1.7% | |
| TRUST MORTGAGE, CORP | $95,000 | $130,000 | 36.8% | 1.4% |
| LATIN AMERICAN FINANCIAL CORPORATION | $95,000 | $105,000 | 10.5% | 1.2% |
| Cooperativa De Ahorro Y Credito La Aiboniteña | $95,000 | n/a | 1.1% | |
| HOME MORTGAGE BANKERS CORP. | $95,000 | n/a | 1.1% | |
| Rf Mortgage & Investment Corp | $190,000 | $95,000 | -50.0% | 1.1% |
| COOPERATIVA DE AHORRO Y CREDITO LA PUERTORRIQUEÑA | $75,000 | n/a | 0.8% | |
| Cooperativa de A/C de Maunabo | $65,000 | n/a | 0.7% | |
| Cooperativa de Ahorro y Credito de Rincon | $65,000 | n/a | 0.7% |
Coco's top lender by overall market share is FIRSTBANK PUERTO RICO, with 13.7% market share. In second place, with 12.1%, is THE MONEY HOUSE INC., having originated $1,085,000 in loans. In third place, with 10.3%, is METRO ISLAND MORTGAGE, INC., having originated $925,000 in loans. In fourth place, with 10.1%, is Banco Popular de Puerto Rico, having originated $905,000 in loans. In fifth place, with 8.2%, is SUN WEST MORTGAGE COMPANY, INC., having originated $735,000 in loans.
Coco, PR Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 78 | $7,860,000 | $100,769 |
| Cash Out Refi | 6 | $630,000 | $105,000 |
| Refi | 4 | $440,000 | $110,000 |
| Home Improvement | 1 | $65,000 | $65,000 |
Coco's most frequently cited loan purpose was Home Purchase, with 78 originations. The 2nd most popular reason was Cash Out Refi, with 6 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 23 | $2,485,000 | $108,043 |
| 5-6% | 21 | $2,185,000 | $104,048 |
| 4-5% | 20 | $2,020,000 | $101,000 |
| 6-7% | 16 | $1,510,000 | $94,375 |
| 2.5-3% | 5 | $515,000 | $103,000 |
| 7-8% | 2 | $130,000 | $65,000 |
| Over 8% | 1 | $45,000 | $45,000 |
| <2.5% | 1 | $105,000 | $105,000 |
During 2022, Coco's most frequently originated rate bucket was 3-4%, with 23 originations.
Loan Sizing (Coco, PR MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 52 | $4,050,000 | $77,885 |
| $100k-200k | 34 | $4,310,000 | $126,765 |
| $200k-400k | 3 | $635,000 | $211,667 |
Coco's loan sizing saw the bucket of loans from $100,000 or less with 52 originations, totaling $4,050,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 59 | $6,175,000 | $104,661 |
| 60-80% | 18 | $1,570,000 | $87,222 |
| 40-60% | 6 | $360,000 | $60,000 |
| Over 100% | 5 | $745,000 | $149,000 |
Coco's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 59 originations, totaling $6,175,000 in origination value.