PONCE Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Ponce averaged
7.22%
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
7.45% and
one month ago for the week of 2023-02-09, the
average rate was 6.64%.
Ponce's average rate one year ago was 4.67%.
For refis of the same type during the week of 2023-03-16, the average rate
was 6.8%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-03-16 | 6.6% |
| Ponce 30 Year Fixed Rate | 2023-03-16 | 7.22% |
| Ponce 30 Year Fixed Rate Refi | 2023-03-16 | 6.8% |
| Ponce 15 Year Fixed Rate | 2023-03-16 | 6.4% |
| Ponce 15 Year Fixed Rate Refi | 2023-03-16 | 5.51% |
| Ponce 30 Year FHA | 2023-03-16 | 6.57% |
| Ponce 30 Year FHA Refi | 2023-03-16 | 6.62% |
| Ponce 30 Year USDA | 2023-03-16 | 6.3% |
| Ponce 30 Year USDA Refi | 2023-03-16 | 6.1% |
| Ponce 30 Year VA | 2023-03-16 | 6.26% |
| Ponce 30 Year VA Refi | 2023-03-16 | 6.4% |
PONCE 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 PONCE, 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 | 2021 Avg. 30yFix Rate | 2021 Avg. Closing Costs |
|---|---|---|---|
| Banco Popular de Puerto Rico | 56 | 3.56% | $4,682 |
| SUN WEST MORTGAGE COMPANY, INC. | 25 | 3.33% | $5,452 |
| FIRSTBANK PUERTO RICO | 24 | 3.55% | $5,694 |
| Oriental Bank | 19 | 3.40% | $5,096 |
| PENTAGON FEDERAL CREDIT UNION | 13 | 2.69% | $5,559 |
| FIRST EQUITY MORTGAGE BANKERS, INC. | 11 | 3.93% | $8,535 |
| MULTIPLES MORTGAGE CORPORATION | 4 | 5.13% | $8,258 |
| THE MONEY HOUSE INC. | 4 | 3.38% | $4,160 |
| COOPERATIVA DE AHORRO Y CREDITO DE SANTA ISABEL (CACSI) | 4 | 6.06% | $57,552 |
| METRO ISLAND MORTGAGE, INC. | 3 | 4.83% | $6,591 |
| The Lending Center Corporation | 3 | 3.21% | $13,921 |
| Baxter Credit Union | 2 | 2.50% | $7,112 |
| HR MORTGAGE CORP. | 2 | 3.25% | $6,729 |
| Cooperativa de Ahorro y Credito de Rincon | 1 | 5.50% | $3,624 |
| PREFERRED MORTGAGE CORPORATION | 1 | 3.75% | $5,834 |
| HOME MORTGAGE BANKERS CORP. | 1 | 3.88% | $5,143 |
| CALCON MUTUAL MORTGAGE LLC | 1 | 2.75% | $5,372 |
| VIG MORTGAGE CORPORATION | 1 | 3.50% | $5,039 |
| RM ACTUAL MORTGAGE, INC. | 1 | 4.13% | $2,912 |
| COOPERATIVA DE AHORRO Y CREDITO ROOSEVELT ROADS | 1 | 6.75% | $2,750 |
PONCE Average Closing Costs & Other Stats
PONCE, PR's 20 lenders originated 989
loans during 2021. The total origination value was $122,765,000, with an average loan value of
$124,130.
PONCE's average closing costs are $5,521.
The top PONCE lender as defined by loan originations is Banco Popular de Puerto Rico, with
56 loans originated. Their average total fees are
$4,682, which is $770
lower than the next largest lender,
SUN WEST MORTGAGE COMPANY, INC..
The lowest fee PONCE lenders (with over 10 loans originated) are
Banco Popular de Puerto Rico ($4,682), Oriental Bank ($5,096), SUN WEST MORTGAGE COMPANY, INC. ($5,452), PENTAGON FEDERAL CREDIT UNION ($5,559) and FIRSTBANK PUERTO RICO ($5,694).
The lowest rate PONCE lenders (with over 10 loans originated) are
PENTAGON FEDERAL CREDIT UNION (2.69%), SUN WEST MORTGAGE COMPANY, INC. (3.33%), Oriental Bank (3.40%), FIRSTBANK PUERTO RICO (3.55%) and Banco Popular de Puerto Rico (3.56%).
PONCE, 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 | 2020 Loan Value | 2021 Loan Value | % Change | 2021 Market Share |
|---|---|---|---|---|
| Banco Popular de Puerto Rico | $15,285,000 | $22,465,000 | 47.0% | 18.3% |
| SUN WEST MORTGAGE COMPANY, INC. | $14,675,000 | $20,515,000 | 39.8% | 16.7% |
| FIRSTBANK PUERTO RICO | $12,710,000 | $14,800,000 | 16.4% | 12.1% |
| THE MONEY HOUSE INC. | $11,945,000 | $13,335,000 | 11.6% | 10.9% |
| FIRST EQUITY MORTGAGE BANKERS, INC. | $8,750,000 | $13,290,000 | 51.9% | 10.8% |
| Oriental Bank | $7,850,000 | $11,585,000 | 47.6% | 9.4% |
| METRO ISLAND MORTGAGE, INC. | $3,595,000 | $6,525,000 | 81.5% | 5.3% |
| PENTAGON FEDERAL CREDIT UNION | $1,135,000 | $4,240,000 | 273.6% | 3.5% |
| RM ACTUAL MORTGAGE, INC. | $1,180,000 | $3,545,000 | 200.4% | 2.9% |
| PREFERRED MORTGAGE CORPORATION | $1,475,000 | $1,765,000 | 19.7% | 1.4% |
| HR MORTGAGE CORP. | $1,020,000 | $1,480,000 | 45.1% | 1.2% |
| TRUST MORTGAGE, CORP | $545,000 | $1,190,000 | 118.3% | 1.0% |
| The Lending Center Corporation | $75,000 | $965,000 | 1,186.7% | 0.8% |
| MULTIPLES MORTGAGE CORPORATION | $360,000 | $960,000 | 166.7% | 0.8% |
| Senior Mortgage Bankers Inc | $1,020,000 | $635,000 | -37.7% | 0.5% |
| CARIBE FEDERAL CREDIT UNION | $45,000 | $590,000 | 1,211.1% | 0.5% |
| Cooperativa A/C de Arecibo | $415,000 | $575,000 | 38.6% | 0.5% |
| LENDUS, LLC | $505,000 | n/a | 0.4% | |
| Capital Mortgage Services Corp. | $705,000 | $490,000 | -30.5% | 0.4% |
| Baxter Credit Union | $480,000 | n/a | 0.4% | |
| COOPERATIVA DE AHORRO Y CREDITO DE SANTA ISABEL (CACSI) | $480,000 | n/a | 0.4% | |
| VIG MORTGAGE CORPORATION | $510,000 | $360,000 | -29.4% | 0.3% |
| Equity Prime Mortgage LLC | $350,000 | n/a | 0.3% | |
| E.M.I. EQUITY MORTGAGE, INC. | $1,275,000 | $335,000 | -73.7% | 0.3% |
| HOME MORTGAGE BANKERS CORP. | $105,000 | $305,000 | 190.5% | 0.2% |
| Rf Mortgage & Investment Corp | $105,000 | $250,000 | 138.1% | 0.2% |
| COOPERATIVA DE AHORRO Y CREDITO DE CAMUY | $170,000 | n/a | 0.1% | |
| Cooperativa de Ahorro y Credito de Rincon | $125,000 | n/a | 0.1% | |
| CALCON MUTUAL MORTGAGE LLC | $105,000 | $85,000 | -19.0% | 0.1% |
| COOPERATIVA DE AHORRO Y CREDITO DEL VALENCIANO | $85,000 | n/a | 0.1% | |
| COOPERATIVA DE AHORRO Y CREDITO DE LARES | $65,000 | n/a | 0.1% | |
| COOPERATIVA DE AHORRO Y CREDITO DE ISABELA | $55,000 | $55,000 | 0.0% | 0.0% |
| COOPERATIVA DE AHORRO Y CREDITO ROOSEVELT ROADS | $55,000 | n/a | 0.0% | |
| LATIN AMERICAN FINANCIAL CORPORATION | $85,000 | $55,000 | -35.3% | 0.0% |
| SAN RAFAEL COOP | $55,000 | n/a | 0.0% |
PONCE's top lender by overall market share is Banco Popular de Puerto Rico, with 18.3% market share. In second place, with 16.7%, is SUN WEST MORTGAGE COMPANY, INC., having originated $20,515,000 in loans. In third place, with 12.1%, is FIRSTBANK PUERTO RICO, having originated $14,800,000 in loans. In fourth place, with 10.9%, is THE MONEY HOUSE INC., having originated $13,335,000 in loans. In fifth place, with 10.8%, is FIRST EQUITY MORTGAGE BANKERS, INC., having originated $13,290,000 in loans.
PONCE, PR Average Rent (2022)
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| Zip Code | Metro | Studio Apartment Rent | 1BR Apartment Rent | 2BR Apartment Rent | 3BR Apartment Rent | 4BR Apartment Rent |
|---|---|---|---|---|---|---|
| 00601 | Ponce, PR | $360 | $370 | $420 | $600 | $700 |
| 00624 | Ponce, PR | $360 | $370 | $420 | $580 | $670 |
| 00631 | Ponce, PR | $360 | $370 | $420 | $550 | $640 |
| 00641 | Ponce, PR | $380 | $390 | $450 | $560 | $660 |
| 00715 | Ponce, PR | $360 | $370 | $420 | $600 | $700 |
| 00716 | Ponce, PR | $460 | $470 | $530 | $750 | $870 |
| 00717 | Ponce, PR | $410 | $420 | $480 | $680 | $790 |
| 00720 | Ponce, PR | $400 | $430 | $510 | $670 | $820 |
| 00728 | Ponce, PR | $410 | $410 | $470 | $670 | $780 |
| 00730 | Ponce, PR | $390 | $390 | $450 | $640 | $740 |
| 00731 | Ponce, PR | $360 | $370 | $420 | $600 | $700 |
| 00732 | Ponce, PR | $410 | $410 | $470 | $670 | $780 |
| 00733 | Ponce, PR | $410 | $410 | $470 | $670 | $780 |
| 00766 | Ponce, PR | $360 | $370 | $420 | $600 | $690 |
| 00780 | Ponce, PR | $530 | $540 | $620 | $880 | $1,020 |
| 00795 | Ponce, PR | $380 | $390 | $440 | $630 | $730 |
2022 Average & Median Rent Data Statistics
PONCE, PR average 1BR rent: $405, median: $390
PONCE, PR average 2BR rent: $463, median: $450
PONCE, PR average 3BR rent: $647, median: $635
PONCE, PR Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 690 | $87,500,000 | $126,812 |
| Refi | 183 | $21,965,000 | $120,027 |
| Cash Out Refi | 110 | $12,800,000 | $116,364 |
| Other | 6 | $500,000 | $83,333 |
Ponce's most frequently cited loan purpose was Home Purchase, with 690 originations. The 2nd most popular reason was Refi, with 183 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 366 | $40,580,000 | $110,874 |
| 2.5-3% | 335 | $45,255,000 | $135,090 |
| <2.5% | 208 | $28,850,000 | $138,702 |
| 4-5% | 56 | $5,920,000 | $105,714 |
| 5-6% | 18 | $1,480,000 | $82,222 |
| 6-7% | 4 | $420,000 | $105,000 |
| 7-8% | 1 | $155,000 | $155,000 |
During 2021, Ponce's most frequently originated rate bucket was 3-4%, with 366 originations.
Loan Sizing (PONCE, PR MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 455 | $35,025,000 | $76,978 |
| $100k-200k | 433 | $58,055,000 | $134,076 |
| $200k-400k | 91 | $24,885,000 | $273,462 |
| $400k-600k | 10 | $4,800,000 | $480,000 |
PONCE's loan sizing saw the bucket of loans from $100,000 or less with 455 originations, totaling $35,025,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 655 | $86,585,000 | $132,191 |
| 60-80% | 257 | $29,325,000 | $114,105 |
| 40-60% | 42 | $3,610,000 | $85,952 |
| 20-40% | 10 | $540,000 | $54,000 |
| Over 100% | 9 | $1,015,000 | $112,778 |
PONCE's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 655 originations, totaling $86,585,000 in origination value.