PONCE Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Ponce averaged
7.12%
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
6.93% and
one month ago for the week of 2024-10-10, the
average rate was 6.46%.
Ponce's average rate one year ago was 7.74%.
For refis of the same type during the week of 2024-11-14, the average rate
was 7.38%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-14 | 6.78% |
| Ponce 30 Year Fixed Rate | 2024-11-14 | 7.12% |
| Ponce 30 Year Fixed Rate Refi | 2024-11-14 | 7.38% |
| Ponce 15 Year Fixed Rate | 2024-11-14 | 5.99% |
| Ponce 15 Year Fixed Rate Refi | 2024-11-14 | 5.99% |
| Ponce 30 Year FHA | 2024-11-14 | -0.51% |
| Ponce 30 Year FHA Refi | 2024-11-14 | 0.1% |
| Ponce 30 Year USDA | 2024-11-14 | -0.1% |
| Ponce 30 Year USDA Refi | 2024-11-14 | -0.1% |
| Ponce 30 Year VA | 2024-11-14 | 0.1% |
| Ponce 30 Year VA Refi | 2024-11-14 | 0% |
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.).
PONCE Average Closing Costs & Other Stats
PONCE, PR's 21 lenders originated 579
loans during 2023. The total origination value was $72,305,000, with an average loan value of
$124,879.
PONCE's average closing costs are $6,036.
The top PONCE lender as defined by loan originations is Banco Popular de Puerto Rico, with
55 loans originated. Their average total fees are
$5,033, which is $694
higher than the next largest lender,
FIRSTBANK PUERTO RICO.
The lowest fee PONCE lenders (with over 10 loans originated) are
FIRSTBANK PUERTO RICO ($4,339), Banco Popular de Puerto Rico ($5,033), SUN WEST MORTGAGE COMPANY, INC. ($6,139), Oriental Bank ($6,226) and .
The lowest rate PONCE lenders (with over 10 loans originated) are
FIRSTBANK PUERTO RICO (6.19%), Oriental Bank (6.43%), SUN WEST MORTGAGE COMPANY, INC. (7.29%), Banco Popular de Puerto Rico (7.68%) and .
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 | 2022 Loan Value | 2023 Loan Value | % Change | 2023 Market Share |
|---|---|---|---|---|
| THE MONEY HOUSE INC. | $7,315,000 | $13,345,000 | 82.4% | 18.5% |
| Banco Popular de Puerto Rico | $16,925,000 | $13,065,000 | -22.8% | 18.1% |
| SUN WEST MORTGAGE COMPANY, INC. | $8,875,000 | $9,685,000 | 9.1% | 13.4% |
| Oriental Bank | $6,320,000 | $8,210,000 | 29.9% | 11.4% |
| FIRST EQUITY MORTGAGE BANKERS, INC. | $7,800,000 | $7,170,000 | -8.1% | 9.9% |
| FIRSTBANK PUERTO RICO | $8,340,000 | $7,005,000 | -16.0% | 9.7% |
| RM ACTUAL MORTGAGE, INC. | $2,095,000 | $3,295,000 | 57.3% | 4.6% |
| HOME MORTGAGE BANKERS CORP. | $660,000 | $1,425,000 | 115.9% | 2.0% |
| METRO ISLAND MORTGAGE, INC. | $3,215,000 | $1,410,000 | -56.1% | 2.0% |
| PENTAGON FEDERAL CREDIT UNION | $4,975,000 | $1,285,000 | -74.2% | 1.8% |
| VIG MORTGAGE CORPORATION | $680,000 | $695,000 | 2.2% | 1.0% |
| Senior Mortgage Bankers Inc | $1,840,000 | $675,000 | -63.3% | 0.9% |
| Cooperativa A/C de Arecibo | $885,000 | $490,000 | -44.6% | 0.7% |
| TRUST MORTGAGE, CORP | $95,000 | $470,000 | 394.7% | 0.7% |
| COOPERATIVA DE AHORRO Y CREDITO VEGA ALTA | $445,000 | n/a | 0.6% | |
| PREFERRED MORTGAGE CORPORATION | $1,335,000 | $440,000 | -67.0% | 0.6% |
| Equity Prime Mortgage LLC | $405,000 | n/a | 0.6% | |
| COOPERATIVA DE AHORRO Y CREDITO DE CAMUY | $145,000 | $300,000 | 106.9% | 0.4% |
| COOPERATIVA DE AHORRO Y CREDITO DE ISABELA | $290,000 | n/a | 0.4% | |
| Rf Mortgage & Investment Corp | $125,000 | $215,000 | 72.0% | 0.3% |
| EVERETT FINANCIAL, INC. | $205,000 | n/a | 0.3% | |
| PLANET HOME LENDING, LLC | $205,000 | n/a | 0.3% | |
| Capital Mortgage Services Corp. | $590,000 | $200,000 | -66.1% | 0.3% |
| Baxter Credit Union | $675,000 | $190,000 | -71.9% | 0.3% |
| Cooperativa A/C Oriental | $490,000 | $190,000 | -61.2% | 0.3% |
| Cooperativa de Ahorro y Credito de Rincon | $470,000 | $180,000 | -61.7% | 0.2% |
| Cooperativa de A/C de Maunabo | $165,000 | $125,000 | -24.2% | 0.2% |
| SAN RAFAEL COOP | $115,000 | n/a | 0.2% | |
| COOPERATIVA DE AHORRO Y CREDITO DE LARES | $110,000 | $110,000 | 0.0% | 0.2% |
| MULTIPLES MORTGAGE CORPORATION | $750,000 | $95,000 | -87.3% | 0.1% |
| HR MORTGAGE CORP. | $105,000 | $90,000 | -14.3% | 0.1% |
| E.M.I. EQUITY MORTGAGE, INC. | $135,000 | $75,000 | -44.4% | 0.1% |
| CARIBE FEDERAL CREDIT UNION | $85,000 | $65,000 | -23.5% | 0.1% |
| COOPERATIVA DE AHORRO Y CREDITO DR. MANUEL ZENO GANDIA | $65,000 | n/a | 0.1% |
PONCE's top lender by overall market share is THE MONEY HOUSE INC., with 18.5% market share. In second place, with 18.1%, is Banco Popular de Puerto Rico, having originated $13,065,000 in loans. In third place, with 13.4%, is SUN WEST MORTGAGE COMPANY, INC., having originated $9,685,000 in loans. In fourth place, with 11.4%, is Oriental Bank, having originated $8,210,000 in loans. In fifth place, with 9.9%, is FIRST EQUITY MORTGAGE BANKERS, INC., having originated $7,170,000 in loans.
PONCE, 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 |
|---|---|---|---|---|---|---|
| 601 | Ponce, PR MSA | $380 | $390 | $440 | $640 | $710 |
| 624 | Ponce, PR MSA | $380 | $390 | $440 | $610 | $680 |
| 631 | Ponce, PR MSA | $360 | $390 | $440 | $590 | $680 |
| 641 | Ponce, PR MSA | $380 | $420 | $480 | $590 | $680 |
| 715 | Ponce, PR MSA | $380 | $390 | $440 | $640 | $710 |
| 716 | Ponce, PR MSA | $480 | $490 | $550 | $780 | $870 |
| 717 | Ponce, PR MSA | $430 | $440 | $500 | $700 | $790 |
| 720 | Ponce, PR MSA | $390 | $420 | $490 | $650 | $790 |
| 728 | Ponce, PR MSA | $410 | $420 | $470 | $660 | $740 |
| 730 | Ponce, PR MSA | $430 | $440 | $500 | $700 | $790 |
| 731 | Ponce, PR MSA | $400 | $410 | $460 | $650 | $730 |
| 732 | Ponce, PR MSA | $430 | $440 | $500 | $700 | $790 |
| 733 | Ponce, PR MSA | $430 | $440 | $500 | $700 | $790 |
| 766 | Ponce, PR MSA | $380 | $390 | $440 | $640 | $710 |
| 780 | Ponce, PR MSA | $600 | $610 | $690 | $970 | $1,090 |
| 795 | Ponce, PR MSA | $420 | $430 | $490 | $690 | $780 |
2022 Average & Median Rent Data Statistics
PONCE, PR average 1BR rent: $432, median: $420
PONCE, PR average 2BR rent: $489, median: $485
PONCE, PR average 3BR rent: $682, median: $655
PONCE, PR Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 530 | $66,310,000 | $125,113 |
| Cash Out Refi | 30 | $3,730,000 | $124,333 |
| Refi | 8 | $1,140,000 | $142,500 |
| Home Improvement | 7 | $625,000 | $89,286 |
| Other | 4 | $500,000 | $125,000 |
Ponce's most frequently cited loan purpose was Home Purchase, with 530 originations. The 2nd most popular reason was Cash Out Refi, with 30 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 327 | $41,255,000 | $126,162 |
| 5-6% | 120 | $14,220,000 | $118,500 |
| 7-8% | 83 | $9,605,000 | $115,723 |
| 4-5% | 23 | $5,385,000 | $234,130 |
| Over 8% | 22 | $1,400,000 | $63,636 |
| 3-4% | 4 | $440,000 | $110,000 |
During 2023, Ponce's most frequently originated rate bucket was 6-7%, with 327 originations.
Loan Sizing (PONCE, PR MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 296 | $20,930,000 | $70,709 |
| $100k-200k | 210 | $28,020,000 | $133,429 |
| $200k-400k | 58 | $15,640,000 | $269,655 |
| $400k-600k | 12 | $5,660,000 | $471,667 |
| $600k-1000k | 3 | $2,055,000 | $685,000 |
PONCE's loan sizing saw the bucket of loans from $100,000 or less with 296 originations, totaling $20,930,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 244 | $37,940,000 | $155,492 |
| 60-80% | 217 | $20,635,000 | $95,092 |
| 40-60% | 61 | $3,385,000 | $55,492 |
| Over 100% | 41 | $9,465,000 | $230,854 |
| 20-40% | 15 | $865,000 | $57,667 |
| Under 20% | 1 | $15,000 | $15,000 |
PONCE's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 244 originations, totaling $37,940,000 in origination value.