Puerto Rico Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Puerto Rico averaged
6.86%
for the week of 2024-12-26, compared to the national average of
6.85% for the same period.
The average rate for the prior week (2024-12-19) was
6.53% and
one month ago for the week of 2024-11-21, the
average rate was 6.75%.
Puerto Rico's average rate one year ago was 6.68%.
For refis of the same type during the week of 2024-12-26, the average rate
was 6.74%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-12-26 | 6.85% |
| Puerto Rico 30 Year Fixed Rate | 2024-12-26 | 6.86% |
| Puerto Rico 30 Year Fixed Rate Refi | 2024-12-26 | 6.74% |
| Puerto Rico 15 Year Fixed Rate | 2024-12-26 | 6.13% |
| Puerto Rico 15 Year Fixed Rate Refi | 2024-12-26 | 6.6% |
| Puerto Rico 30 Year FHA | 2024-12-26 | -0.6% |
| Puerto Rico 30 Year FHA Refi | 2024-12-26 | 0% |
| Puerto Rico 30 Year USDA | 2024-12-26 | -0.35% |
| Puerto Rico 30 Year USDA Refi | 2024-12-26 | 0% |
| Puerto Rico 30 Year VA | 2024-12-26 | -0.58% |
| Puerto Rico 30 Year VA Refi | 2024-12-26 | -0.2% |
Puerto Rico 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 Puerto Rico 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.).
Puerto Rico Average Closing Costs & Other Stats
Puerto Rico's 47 lenders originated 13,531
loans during 2023. The total origination value was $2,237,415,000, with an average loan value of
$165,355.
Puerto Rico's average closing costs are $7,194.
The top Puerto Rico lender as defined by loan originations is Banco Popular de Puerto Rico, with
1,329 loans originated. Their average total fees are
$7,154, which is $387
higher than the next largest lender,
FIRSTBANK PUERTO RICO.
The lowest fee Puerto Rico lenders (with over 10 loans originated) are
COOPERATIVA DE AHORRO Y CREDITO DE LARES ($4,189), COOPERATIVA DE AHORRO Y CREDITO LAS PIEDRAS ($5,097), Cooperativa de Ahorro y Credito Jesus Obrero ($5,118), Cooperativa de Ahorro y Credito de Rincon ($5,547) and Cooperativa De Ahorro Y Credito La Aiboniteña ($5,867).
The lowest rate Puerto Rico lenders (with over 10 loans originated) are
COOPERATIVA DE CREDITO LA SAGRADA FAMILIA (5.40%), Cooperativa A/C de Arecibo (5.56%), COOPERATIVA DE AHORRO Y CREDITO DE ISABELA (5.71%), Cooperativa de Ahorro y Credito de Rincon (5.81%) and PENTAGON FEDERAL CREDIT UNION (6.08%).
Puerto Rico 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 | $522,090,000 | $515,770,000 | -1.2% | 23.1% |
| FIRSTBANK PUERTO RICO | $357,360,000 | $319,635,000 | -10.6% | 14.3% |
| THE MONEY HOUSE INC. | $125,480,000 | $163,135,000 | 30.0% | 7.3% |
| Oriental Bank | $191,525,000 | $136,380,000 | -28.8% | 6.1% |
| FIRST EQUITY MORTGAGE BANKERS, INC. | $167,090,000 | $129,140,000 | -22.7% | 5.8% |
| METRO ISLAND MORTGAGE, INC. | $99,400,000 | $82,080,000 | -17.4% | 3.7% |
| PENTAGON FEDERAL CREDIT UNION | $108,840,000 | $68,420,000 | -37.1% | 3.1% |
| SUN WEST MORTGAGE COMPANY, INC. | $97,550,000 | $66,420,000 | -31.9% | 3.0% |
| PREFERRED MORTGAGE CORPORATION | $79,975,000 | $64,060,000 | -19.9% | 2.9% |
| HOME MORTGAGE BANKERS CORP. | $70,270,000 | $60,930,000 | -13.3% | 2.7% |
| HR MORTGAGE CORP. | $67,130,000 | $56,885,000 | -15.3% | 2.5% |
| Rf Mortgage & Investment Corp | $60,295,000 | $47,915,000 | -20.5% | 2.1% |
| TRUST MORTGAGE, CORP | $54,885,000 | $47,550,000 | -13.4% | 2.1% |
| CROSSCOUNTRY MORTGAGE, LLC | $26,330,000 | $38,115,000 | 44.8% | 1.7% |
| Capital Mortgage Services Corp. | $70,340,000 | $33,545,000 | -52.3% | 1.5% |
| Cooperativa de Ahorro y Credito de Rincon | $39,160,000 | $32,895,000 | -16.0% | 1.5% |
| Merchants Bank of Indiana | $32,200,000 | n/a | 1.4% | |
| VIG MORTGAGE CORPORATION | $35,850,000 | $31,115,000 | -13.2% | 1.4% |
| MULTIPLES MORTGAGE CORPORATION | $28,225,000 | $26,575,000 | -5.8% | 1.2% |
| RM ACTUAL MORTGAGE, INC. | $27,700,000 | $26,570,000 | -4.1% | 1.2% |
| E.M.I. EQUITY MORTGAGE, INC. | $28,760,000 | $26,075,000 | -9.3% | 1.2% |
| COOPERATIVA DE AHORRO Y CREDITO LA PUERTORRIQUEÑA | $20,745,000 | $22,015,000 | 6.1% | 1.0% |
| Senior Mortgage Bankers Inc | $24,315,000 | $20,220,000 | -16.8% | 0.9% |
| CALCON MUTUAL MORTGAGE LLC | $66,915,000 | $17,845,000 | -73.3% | 0.8% |
| COOPERATIVA DE AHORRO Y CREDITO DE CAMUY | $9,065,000 | $15,815,000 | 74.5% | 0.7% |
| Cooperativa A/C de Arecibo | $18,520,000 | $13,765,000 | -25.7% | 0.6% |
| LATIN AMERICAN FINANCIAL CORPORATION | $9,435,000 | $13,295,000 | 40.9% | 0.6% |
| COOPERATIVA DE AHORRO Y CREDITO VEGA ALTA | $12,805,000 | $12,515,000 | -2.3% | 0.6% |
| Equity Prime Mortgage LLC | $15,030,000 | $12,395,000 | -17.5% | 0.6% |
| COOPERATIVA DE AHORRO Y CREDITO DE MANATI INC. | $6,670,000 | $9,805,000 | 47.0% | 0.4% |
| COOPERATIVA DE CREDITO LA SAGRADA FAMILIA | $13,200,000 | $7,870,000 | -40.4% | 0.4% |
| CARIBE FEDERAL CREDIT UNION | $6,675,000 | $7,410,000 | 11.0% | 0.3% |
| Cooperativa A/C Oriental | $9,380,000 | $7,290,000 | -22.3% | 0.3% |
| COOPERATIVA DE AHORRO Y CREDITO DE ISABELA | $8,960,000 | $6,850,000 | -23.5% | 0.3% |
| The Lending Center Corporation | $4,815,000 | $5,745,000 | 19.3% | 0.3% |
| EVERETT FINANCIAL, INC. | $805,000 | $4,490,000 | 457.8% | 0.2% |
| The Piedmont Bank | $4,305,000 | n/a | 0.2% | |
| Cooperativa de Ahorro y Credito Jesus Obrero | $4,485,000 | $4,035,000 | -10.0% | 0.2% |
| Cooperativa De Credito Y Ahorro San Jose | $5,200,000 | $3,820,000 | -26.5% | 0.2% |
| COOPERATIVA DE AHORRO Y CREDITO DE LARES | $4,580,000 | $3,385,000 | -26.1% | 0.2% |
| COOPERATIVA DE AHORRO Y CREDITO CAGUAS | $2,040,000 | $3,315,000 | 62.5% | 0.1% |
| COOPERATIVA DE AHORRO Y CREDITO DR. MANUEL ZENO GANDIA | $4,730,000 | $3,040,000 | -35.7% | 0.1% |
| Baxter Credit Union | $6,205,000 | $3,010,000 | -51.5% | 0.1% |
| COOPERATIVA DE AHORRO Y CREDITO LAS PIEDRAS | $4,140,000 | $2,790,000 | -32.6% | 0.1% |
| SAN RAFAEL COOP | $2,700,000 | $2,780,000 | 3.0% | 0.1% |
| Cooperativa de Ahoro y Crédito Bo. Quebrada de Camuy, P.R. | $3,055,000 | $2,520,000 | -17.5% | 0.1% |
| A&D Mortgage LLC | $12,295,000 | $2,275,000 | -81.5% | 0.1% |
| Cooperativa De Ahorro Y Credito La Aiboniteña | $1,980,000 | $2,185,000 | 10.4% | 0.1% |
| COOPERATIVA DE AHORRO Y CREDITO DEL VALENCIANO | $915,000 | $1,980,000 | 116.4% | 0.1% |
| COOPERATIVA DE AHORRO Y CREDITO ROOSEVELT ROADS | $3,050,000 | $1,795,000 | -41.1% | 0.1% |
| Cooperativa de A/C de Maunabo | $1,440,000 | $1,755,000 | 21.9% | 0.1% |
| Cooperativa de Ahorro y Credito Aguas Buenas | $1,555,000 | $615,000 | -60.5% | 0.0% |
| PLANET HOME LENDING, LLC | $1,535,000 | $560,000 | -63.5% | 0.0% |
Puerto Rico's top lender by overall market share is Banco Popular de Puerto Rico, with 23.1% market share. In second place, with 14.3%, is FIRSTBANK PUERTO RICO, having originated $319,635,000 in loans. In third place, with 7.3%, is THE MONEY HOUSE INC., having originated $163,135,000 in loans. In fourth place, with 6.1%, is Oriental Bank, having originated $136,380,000 in loans. In fifth place, with 5.8%, is FIRST EQUITY MORTGAGE BANKERS, INC., having originated $129,140,000 in loans.
Puerto Rico Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 12,191 | $2,009,645,000 | $164,847 |
| Cash Out Refi | 780 | $129,030,000 | $165,423 |
| Refi | 289 | $42,855,000 | $148,287 |
| Other | 186 | $32,250,000 | $173,387 |
| Home Improvement | 85 | $23,635,000 | $278,059 |
Puerto Rico's most frequently cited loan purpose was Home Purchase, with 12,191 originations. The 2nd most popular reason was Cash Out Refi, with 780 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 6,722 | $1,042,450,000 | $155,080 |
| 5-6% | 3,317 | $625,865,000 | $188,684 |
| 7-8% | 1,957 | $311,065,000 | $158,950 |
| 4-5% | 683 | $127,455,000 | $186,611 |
| Over 8% | 522 | $66,020,000 | $126,475 |
| 3-4% | 271 | $54,275,000 | $200,277 |
| <2.5% | 5 | $305,000 | $61,000 |
| 2.5-3% | 2 | $270,000 | $135,000 |
During 2023, Puerto Rico's most frequently originated rate bucket was 6-7%, with 6,722 originations.
Loan Sizing (Puerto Rico MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 5,890 | $817,840,000 | $138,852 |
| $100,000 or less | 4,808 | $352,860,000 | $73,390 |
| $200k-400k | 2,208 | $595,320,000 | $269,620 |
| $400k-600k | 358 | $170,110,000 | $475,168 |
| $600k-1000k | 190 | $138,080,000 | $726,737 |
| $Over $1MM | 77 | $163,205,000 | $2,119,545 |
Puerto Rico's loan sizing saw the bucket of loans from $100k-200k with 5,890 originations, totaling $817,840,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 6,245 | $1,171,285,000 | $187,556 |
| 60-80% | 5,029 | $716,025,000 | $142,379 |
| 40-60% | 1,321 | $142,975,000 | $108,232 |
| Over 100% | 555 | $156,035,000 | $281,144 |
| 20-40% | 290 | $34,620,000 | $119,379 |
| Under 20% | 52 | $7,960,000 | $153,077 |
Puerto Rico's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 6,245 originations, totaling $1,171,285,000 in origination value.