MAYAGÜEZ Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in MayagÜez averaged
6.83%
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
6.84% and
one month ago for the week of 2024-10-10, the
average rate was 6.37%.
MayagÜez's average rate one year ago was 7.35%.
For refis of the same type during the week of 2024-11-14, the average rate
was 7.08%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-14 | 6.78% |
| MayagÜez 30 Year Fixed Rate | 2024-11-14 | 6.83% |
| MayagÜez 30 Year Fixed Rate Refi | 2024-11-14 | 7.08% |
| MayagÜez 15 Year Fixed Rate | 2024-11-14 | 5.99% |
| MayagÜez 15 Year Fixed Rate Refi | 2024-11-14 | 6.29% |
| MayagÜez 30 Year FHA | 2024-11-14 | -0.62% |
| MayagÜez 30 Year FHA Refi | 2024-11-14 | 0.1% |
| MayagÜez 30 Year USDA | 2024-11-14 | -0.1% |
| MayagÜez 30 Year USDA Refi | 2024-11-14 | 0.1% |
| MayagÜez 30 Year VA | 2024-11-14 | 0.1% |
| MayagÜez 30 Year VA Refi | 2024-11-14 | 0.1% |
MAYAGÜEZ 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 MAYAGÜEZ, 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 | 35 | 8.03% | $4,809 |
| Cooperativa de Ahorro y Credito de Rincon | 33 | 5.82% | $3,854 |
| FIRSTBANK PUERTO RICO | 12 | 6.14% | $4,655 |
| Oriental Bank | 4 | 6.59% | $6,141 |
| FIRST EQUITY MORTGAGE BANKERS, INC. | 2 | 7.06% | $6,181 |
| Baxter Credit Union | 2 | 6.75% | $6,559 |
| COOPERATIVA DE AHORRO Y CREDITO DE LARES | 2 | 6.70% | $6,160 |
| PENTAGON FEDERAL CREDIT UNION | 2 | 6.88% | $5,264 |
| THE MONEY HOUSE INC. | 2 | 7.38% | $5,531 |
| Capital Mortgage Services Corp. | 1 | 7.25% | $15,475 |
| TRUST MORTGAGE, CORP | 1 | 8.50% | $4,477 |
| Rf Mortgage & Investment Corp | 1 | 6.50% | $5,955 |
| SUN WEST MORTGAGE COMPANY, INC. | 1 | 7.88% | $7,170 |
| CROSSCOUNTRY MORTGAGE, LLC | 1 | 6.58% | $12,344 |
| MULTIPLES MORTGAGE CORPORATION | 1 | 6.75% | $7,414 |
MAYAGÜEZ Average Closing Costs & Other Stats
MAYAGÜEZ, PR's 15 lenders originated 221
loans during 2023. The total origination value was $28,705,000, with an average loan value of
$129,887.
MAYAGÜEZ's average closing costs are $5,598.
The top MAYAGÜEZ lender as defined by loan originations is Banco Popular de Puerto Rico, with
35 loans originated. Their average total fees are
$4,809, which is $955
higher than the next largest lender,
Cooperativa de Ahorro y Credito de Rincon.
The lowest fee MAYAGÜEZ lenders (with over 10 loans originated) are
Cooperativa de Ahorro y Credito de Rincon ($3,854), FIRSTBANK PUERTO RICO ($4,655), Banco Popular de Puerto Rico ($4,809), .
The lowest rate MAYAGÜEZ lenders (with over 10 loans originated) are
Cooperativa de Ahorro y Credito de Rincon (5.82%), FIRSTBANK PUERTO RICO (6.14%), Banco Popular de Puerto Rico (8.03%), .
MAYAGÜEZ, 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 | $8,745,000 | $8,910,000 | 1.9% | 31.0% |
| Cooperativa de Ahorro y Credito de Rincon | $4,030,000 | $3,585,000 | -11.0% | 12.5% |
| FIRSTBANK PUERTO RICO | $4,975,000 | $3,570,000 | -28.2% | 12.4% |
| THE MONEY HOUSE INC. | $2,360,000 | $2,940,000 | 24.6% | 10.2% |
| Oriental Bank | $3,965,000 | $1,790,000 | -54.9% | 6.2% |
| SUN WEST MORTGAGE COMPANY, INC. | $2,545,000 | $1,100,000 | -56.8% | 3.8% |
| Capital Mortgage Services Corp. | $1,295,000 | $1,065,000 | -17.8% | 3.7% |
| PENTAGON FEDERAL CREDIT UNION | $835,000 | $745,000 | -10.8% | 2.6% |
| FIRST EQUITY MORTGAGE BANKERS, INC. | $765,000 | $725,000 | -5.2% | 2.5% |
| METRO ISLAND MORTGAGE, INC. | $555,000 | $615,000 | 10.8% | 2.1% |
| CROSSCOUNTRY MORTGAGE, LLC | $510,000 | n/a | 1.8% | |
| VIG MORTGAGE CORPORATION | $140,000 | $395,000 | 182.1% | 1.4% |
| MULTIPLES MORTGAGE CORPORATION | $385,000 | $380,000 | -1.3% | 1.3% |
| E.M.I. EQUITY MORTGAGE, INC. | $370,000 | n/a | 1.3% | |
| TRUST MORTGAGE, CORP | $300,000 | n/a | 1.0% | |
| COOPERATIVA DE AHORRO Y CREDITO DE ISABELA | $155,000 | $255,000 | 64.5% | 0.9% |
| COOPERATIVA DE AHORRO Y CREDITO DE LARES | $130,000 | $250,000 | 92.3% | 0.9% |
| CALCON MUTUAL MORTGAGE LLC | $310,000 | $225,000 | -27.4% | 0.8% |
| The Lending Center Corporation | $225,000 | n/a | 0.8% | |
| Baxter Credit Union | $525,000 | $220,000 | -58.1% | 0.8% |
| PREFERRED MORTGAGE CORPORATION | $490,000 | $180,000 | -63.3% | 0.6% |
| CARIBE FEDERAL CREDIT UNION | $165,000 | n/a | 0.6% | |
| COOPERATIVA DE AHORRO Y CREDITO LA PUERTORRIQUEÑA | $65,000 | n/a | 0.2% | |
| Rf Mortgage & Investment Corp | $360,000 | $65,000 | -81.9% | 0.2% |
| Cooperativa de Ahoro y Crédito Bo. Quebrada de Camuy, P.R. | $55,000 | n/a | 0.2% |
MAYAGÜEZ's top lender by overall market share is Banco Popular de Puerto Rico, with 31.0% market share. In second place, with 12.5%, is Cooperativa de Ahorro y Credito de Rincon, having originated $3,585,000 in loans. In third place, with 12.4%, is FIRSTBANK PUERTO RICO, having originated $3,570,000 in loans. In fourth place, with 10.2%, is THE MONEY HOUSE INC., having originated $2,940,000 in loans. In fifth place, with 6.2%, is Oriental Bank, having originated $1,790,000 in loans.
MAYAGÜEZ, 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 |
|---|---|---|---|---|---|---|
| 623 | Mayagüez, PR MSA | $380 | $420 | $470 | $620 | $740 |
| 660 | Mayagüez, PR MSA | $480 | $490 | $550 | $670 | $850 |
| 669 | Mayagüez, PR MSA | $380 | $420 | $480 | $590 | $740 |
| 670 | Mayagüez, PR MSA | $380 | $390 | $440 | $550 | $740 |
| 680 | Mayagüez, PR MSA | $420 | $430 | $490 | $600 | $750 |
| 681 | Mayagüez, PR MSA | $440 | $450 | $510 | $620 | $790 |
| 682 | Mayagüez, PR MSA | $450 | $460 | $520 | $630 | $800 |
| 683 | Mayagüez, PR MSA | $380 | $410 | $460 | $600 | $740 |
2022 Average & Median Rent Data Statistics
MAYAGÜEZ, PR average 1BR rent: $434, median: $425
MAYAGÜEZ, PR average 2BR rent: $490, median: $485
MAYAGÜEZ, PR average 3BR rent: $610, median: $610
MAYAGÜEZ, PR Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 203 | $25,465,000 | $125,443 |
| Cash Out Refi | 13 | $1,875,000 | $144,231 |
| Refi | 4 | $1,290,000 | $322,500 |
| Home Improvement | 1 | $75,000 | $75,000 |
MayagÜez's most frequently cited loan purpose was Home Purchase, with 203 originations. The 2nd most popular reason was Cash Out Refi, with 13 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 90 | $11,820,000 | $131,333 |
| 5-6% | 67 | $8,425,000 | $125,746 |
| 7-8% | 26 | $3,450,000 | $132,692 |
| Over 8% | 22 | $1,890,000 | $85,909 |
| 4-5% | 12 | $2,600,000 | $216,667 |
| 3-4% | 3 | $465,000 | $155,000 |
During 2023, MayagÜez's most frequently originated rate bucket was 6-7%, with 90 originations.
Loan Sizing (MAYAGÜEZ, PR MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 106 | $7,130,000 | $67,264 |
| $100k-200k | 73 | $9,945,000 | $136,233 |
| $200k-400k | 38 | $9,760,000 | $256,842 |
| $400k-600k | 4 | $1,870,000 | $467,500 |
MAYAGÜEZ's loan sizing saw the bucket of loans from $100,000 or less with 106 originations, totaling $7,130,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 102 | $17,090,000 | $167,549 |
| 60-80% | 78 | $7,390,000 | $94,744 |
| 40-60% | 30 | $2,090,000 | $69,667 |
| Over 100% | 8 | $2,020,000 | $252,500 |
| 20-40% | 2 | $60,000 | $30,000 |
MAYAGÜEZ's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 102 originations, totaling $17,090,000 in origination value.