MAYAGÜEZ Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in MayagÜez averaged
7.55%
for the week of 2023-03-16, compared to the national average of
6.6% for the same period.
The average rate for the prior week (2023-03-09) was
7.68% and
one month ago for the week of 2023-02-09, the
average rate was 7.37%.
MayagÜez's average rate one year ago was 4.35%.
For refis of the same type during the week of 2023-03-16, the average rate
was 7.2%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-03-16 | 6.6% |
| MayagÜez 30 Year Fixed Rate | 2023-03-16 | 7.55% |
| MayagÜez 30 Year Fixed Rate Refi | 2023-03-16 | 7.2% |
| MayagÜez 15 Year Fixed Rate | 2023-03-16 | 7.6% |
| MayagÜez 15 Year Fixed Rate Refi | 2023-03-16 | 6.39% |
| MayagÜez 30 Year FHA | 2023-03-16 | 6.35% |
| MayagÜez 30 Year FHA Refi | 2023-03-16 | 5.98% |
| MayagÜez 30 Year USDA | 2023-03-16 | 6.82% |
| MayagÜez 30 Year USDA Refi | 2023-03-16 | 6.24% |
| MayagÜez 30 Year VA | 2023-03-16 | 6.2% |
| MayagÜez 30 Year VA Refi | 2023-03-16 | 6.21% |
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 | 2022 Avg. 30yFix Rate | 2022 Avg. Closing Costs |
|---|---|---|---|
| Banco Popular de Puerto Rico | 29 | 5.91% | $4,982 |
| Cooperativa de Ahorro y Credito de Rincon | 28 | 5.92% | $3,073 |
| FIRSTBANK PUERTO RICO | 12 | 4.86% | $4,703 |
| Oriental Bank | 12 | 5.04% | $4,087 |
| PENTAGON FEDERAL CREDIT UNION | 5 | 4.88% | $5,745 |
| MULTIPLES MORTGAGE CORPORATION | 3 | 5.17% | $6,677 |
| Baxter Credit Union | 3 | 5.04% | $3,681 |
| COOPERATIVA DE AHORRO Y CREDITO DE LARES | 2 | 6.00% | $3,485 |
| Capital Mortgage Services Corp. | 2 | 5.75% | $12,462 |
| CALCON MUTUAL MORTGAGE LLC | 2 | 4.75% | $6,652 |
| SUN WEST MORTGAGE COMPANY, INC. | 1 | 6.50% | $4,700 |
| Cooperativa A/C de Arecibo | 1 | 4.25% | $6,194 |
| Cooperativa De Credito Y Ahorro San Jose | 1 | 4.25% | $2,718 |
| Equity Prime Mortgage LLC | 1 | 2.88% | $15,333 |
| FIRST EQUITY MORTGAGE BANKERS, INC. | 1 | 7.00% | $6,129 |
| PREFERRED MORTGAGE CORPORATION | 1 | 4.75% | $5,914 |
| Rf Mortgage & Investment Corp | 1 | 6.88% | $12,832 |
| A&D Mortgage LLC | 1 | 6.00% | $5,720 |
MAYAGÜEZ Average Closing Costs & Other Stats
MAYAGÜEZ, PR's 18 lenders originated 277
loans during 2022. The total origination value was $34,205,000, with an average loan value of
$123,484.
MAYAGÜEZ's average closing costs are $5,351.
The top MAYAGÜEZ lender as defined by loan originations is Banco Popular de Puerto Rico, with
29 loans originated. Their average total fees are
$4,982, which is $1,909
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 ($3,073), Oriental Bank ($4,087), FIRSTBANK PUERTO RICO ($4,703), Banco Popular de Puerto Rico ($4,982) and .
The lowest rate MAYAGÜEZ lenders (with over 10 loans originated) are
FIRSTBANK PUERTO RICO (4.86%), Oriental Bank (5.04%), Banco Popular de Puerto Rico (5.91%), Cooperativa de Ahorro y Credito de Rincon (5.92%) and .
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 | 2021 Loan Value | 2022 Loan Value | % Change | 2022 Market Share |
|---|---|---|---|---|
| Banco Popular de Puerto Rico | $10,315,000 | $8,745,000 | -15.2% | 25.6% |
| FIRSTBANK PUERTO RICO | $3,550,000 | $4,975,000 | 40.1% | 14.5% |
| Cooperativa de Ahorro y Credito de Rincon | $2,285,000 | $4,030,000 | 76.4% | 11.8% |
| Oriental Bank | $6,290,000 | $3,965,000 | -37.0% | 11.6% |
| SUN WEST MORTGAGE COMPANY, INC. | $3,620,000 | $2,545,000 | -29.7% | 7.4% |
| THE MONEY HOUSE INC. | $4,165,000 | $2,360,000 | -43.3% | 6.9% |
| Capital Mortgage Services Corp. | $3,215,000 | $1,295,000 | -59.7% | 3.8% |
| PENTAGON FEDERAL CREDIT UNION | $2,080,000 | $835,000 | -59.9% | 2.4% |
| FIRST EQUITY MORTGAGE BANKERS, INC. | $2,300,000 | $765,000 | -66.7% | 2.2% |
| METRO ISLAND MORTGAGE, INC. | $365,000 | $555,000 | 52.1% | 1.6% |
| Baxter Credit Union | $220,000 | $525,000 | 138.6% | 1.5% |
| PREFERRED MORTGAGE CORPORATION | $255,000 | $490,000 | 92.2% | 1.4% |
| Equity Prime Mortgage LLC | $320,000 | $475,000 | 48.4% | 1.4% |
| MULTIPLES MORTGAGE CORPORATION | $85,000 | $385,000 | 352.9% | 1.1% |
| Rf Mortgage & Investment Corp | $250,000 | $360,000 | 44.0% | 1.1% |
| NATIONWIDE MORTGAGE BANKERS, INC. | $345,000 | n/a | 1.0% | |
| CALCON MUTUAL MORTGAGE LLC | $155,000 | $310,000 | 100.0% | 0.9% |
| PLANET HOME LENDING, LLC | $225,000 | n/a | 0.7% | |
| COOPERATIVA DE AHORRO Y CREDITO DE ISABELA | $155,000 | n/a | 0.5% | |
| VIG MORTGAGE CORPORATION | $85,000 | $140,000 | 64.7% | 0.4% |
| COOPERATIVA DE AHORRO Y CREDITO DE LARES | $130,000 | n/a | 0.4% | |
| Senior Mortgage Bankers Inc | $605,000 | $115,000 | -81.0% | 0.3% |
| HOME MORTGAGE BANKERS CORP. | $75,000 | $95,000 | 26.7% | 0.3% |
| HR MORTGAGE CORP. | $375,000 | $95,000 | -74.7% | 0.3% |
| A&D Mortgage LLC | $75,000 | n/a | 0.2% | |
| Cooperativa A/C de Arecibo | $75,000 | n/a | 0.2% | |
| Cooperativa De Credito Y Ahorro San Jose | $65,000 | n/a | 0.2% |
MAYAGÜEZ's top lender by overall market share is Banco Popular de Puerto Rico, with 25.6% market share. In second place, with 14.5%, is FIRSTBANK PUERTO RICO, having originated $4,975,000 in loans. In third place, with 11.8%, is Cooperativa de Ahorro y Credito de Rincon, having originated $4,030,000 in loans. In fourth place, with 11.6%, is Oriental Bank, having originated $3,965,000 in loans. In fifth place, with 7.4%, is SUN WEST MORTGAGE COMPANY, INC., having originated $2,545,000 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 |
|---|---|---|---|---|---|---|
| 00623 | Mayagüez, PR | $380 | $390 | $450 | $580 | $770 |
| 00660 | Mayagüez, PR | $450 | $460 | $520 | $640 | $870 |
| 00669 | Mayagüez, PR | $380 | $390 | $450 | $560 | $660 |
| 00670 | Mayagüez, PR | $360 | $370 | $420 | $520 | $710 |
| 00680 | Mayagüez, PR | $390 | $390 | $450 | $560 | $770 |
| 00681 | Mayagüez, PR | $420 | $430 | $490 | $610 | $820 |
| 00682 | Mayagüez, PR | $430 | $440 | $500 | $620 | $840 |
| 00683 | Mayagüez, PR | $380 | $390 | $450 | $580 | $770 |
2022 Average & Median Rent Data Statistics
MAYAGÜEZ, PR average 1BR rent: $408, median: $390
MAYAGÜEZ, PR average 2BR rent: $466, median: $450
MAYAGÜEZ, PR average 3BR rent: $584, median: $580
MAYAGÜEZ, PR Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 238 | $28,440,000 | $119,496 |
| Cash Out Refi | 25 | $2,875,000 | $115,000 |
| Refi | 10 | $2,570,000 | $257,000 |
| Other | 4 | $320,000 | $80,000 |
MayagÜez's most frequently cited loan purpose was Home Purchase, with 238 originations. The 2nd most popular reason was Cash Out Refi, with 25 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 75 | $9,845,000 | $131,267 |
| 4-5% | 70 | $8,930,000 | $127,571 |
| 6-7% | 57 | $6,295,000 | $110,439 |
| 3-4% | 40 | $4,850,000 | $121,250 |
| 2.5-3% | 15 | $2,495,000 | $166,333 |
| 7-8% | 10 | $920,000 | $92,000 |
| <2.5% | 8 | $770,000 | $96,250 |
| Over 8% | 2 | $100,000 | $50,000 |
During 2022, MayagÜez's most frequently originated rate bucket was 5-6%, with 75 originations.
Loan Sizing (MAYAGÜEZ, PR MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 147 | $10,345,000 | $70,374 |
| $100k-200k | 93 | $12,835,000 | $138,011 |
| $200k-400k | 35 | $9,475,000 | $270,714 |
| $400k-600k | 1 | $585,000 | $585,000 |
| $600k-1000k | 1 | $965,000 | $965,000 |
MAYAGÜEZ's loan sizing saw the bucket of loans from $100,000 or less with 147 originations, totaling $10,345,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 147 | $20,395,000 | $138,741 |
| 60-80% | 83 | $8,095,000 | $97,530 |
| 40-60% | 36 | $3,850,000 | $106,944 |
| Over 100% | 7 | $1,515,000 | $216,429 |
| 20-40% | 4 | $350,000 | $87,500 |
MAYAGÜEZ's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 147 originations, totaling $20,395,000 in origination value.