Puerto Rico Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Puerto Rico averaged
7.39%
for the week of 2023-09-21, compared to the national average of
7.19% for the same period.
The average rate for the prior week (2023-09-14) was
7.38% and
one month ago for the week of 2023-08-17, the
average rate was 7.19%.
Puerto Rico's average rate one year ago was 6.22%.
For refis of the same type during the week of 2023-09-21, the average rate
was 6.97%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-09-21 | 7.19% |
| Puerto Rico 30 Year Fixed Rate | 2023-09-21 | 7.39% |
| Puerto Rico 30 Year Fixed Rate Refi | 2023-09-21 | 6.97% |
| Puerto Rico 15 Year Fixed Rate | 2023-09-21 | 6.61% |
| Puerto Rico 15 Year Fixed Rate Refi | 2023-09-21 | 5.54% |
| Puerto Rico 30 Year FHA | 2023-09-21 | 6.88% |
| Puerto Rico 30 Year FHA Refi | 2023-09-21 | 6.03% |
| Puerto Rico 30 Year USDA | 2023-09-21 | 6.65% |
| Puerto Rico 30 Year USDA Refi | 2023-09-21 | 6.92% |
| Puerto Rico 30 Year VA | 2023-09-21 | 6.15% |
| Puerto Rico 30 Year VA Refi | 2023-09-21 | 6.62% |
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 46 lenders originated 15,597
loans during 2022. The total origination value was $2,559,915,000, with an average loan value of
$164,129.
Puerto Rico's average closing costs are $6,864.
The top Puerto Rico lender as defined by loan originations is Banco Popular de Puerto Rico, with
1,219 loans originated. Their average total fees are
$7,355, which is $1,011
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 ($4,243), Cooperativa de Ahorro y Credito Jesus Obrero ($4,403), COOPERATIVA DE AHORRO Y CREDITO LAS PIEDRAS ($4,450), Cooperativa de Ahorro y Credito de Rincon ($4,864) and COOPERATIVA DE AHORRO Y CREDITO DE CAMUY ($5,042).
The lowest rate Puerto Rico lenders (with over 10 loans originated) are
Cooperativa A/C de Arecibo (4.20%), PENTAGON FEDERAL CREDIT UNION (4.37%), Equity Prime Mortgage LLC (4.47%), COOPERATIVA DE CREDITO LA SAGRADA FAMILIA (4.53%) and COOPERATIVA DE AHORRO Y CREDITO ROOSEVELT ROADS (4.89%).
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 | 2021 Loan Value | 2022 Loan Value | % Change | 2022 Market Share |
|---|---|---|---|---|
| Banco Popular de Puerto Rico | $859,760,000 | $522,090,000 | -39.3% | 20.4% |
| FIRSTBANK PUERTO RICO | $499,345,000 | $357,360,000 | -28.4% | 14.0% |
| Oriental Bank | $339,825,000 | $191,525,000 | -43.6% | 7.5% |
| FIRST EQUITY MORTGAGE BANKERS, INC. | $210,030,000 | $167,090,000 | -20.4% | 6.5% |
| THE MONEY HOUSE INC. | $188,750,000 | $125,480,000 | -33.5% | 4.9% |
| PENTAGON FEDERAL CREDIT UNION | $104,375,000 | $108,840,000 | 4.3% | 4.3% |
| METRO ISLAND MORTGAGE, INC. | $127,305,000 | $99,400,000 | -21.9% | 3.9% |
| SUN WEST MORTGAGE COMPANY, INC. | $181,110,000 | $97,550,000 | -46.1% | 3.8% |
| PREFERRED MORTGAGE CORPORATION | $129,025,000 | $79,975,000 | -38.0% | 3.1% |
| Capital Mortgage Services Corp. | $94,395,000 | $70,340,000 | -25.5% | 2.7% |
| HOME MORTGAGE BANKERS CORP. | $43,200,000 | $70,270,000 | 62.7% | 2.7% |
| HR MORTGAGE CORP. | $79,305,000 | $67,130,000 | -15.4% | 2.6% |
| CALCON MUTUAL MORTGAGE LLC | $26,355,000 | $66,915,000 | 153.9% | 2.6% |
| Rf Mortgage & Investment Corp | $73,460,000 | $60,295,000 | -17.9% | 2.4% |
| TRUST MORTGAGE, CORP | $79,800,000 | $54,885,000 | -31.2% | 2.1% |
| Cooperativa de Ahorro y Credito de Rincon | $32,825,000 | $39,160,000 | 19.3% | 1.5% |
| VIG MORTGAGE CORPORATION | $29,935,000 | $35,850,000 | 19.8% | 1.4% |
| E.M.I. EQUITY MORTGAGE, INC. | $54,670,000 | $28,760,000 | -47.4% | 1.1% |
| MULTIPLES MORTGAGE CORPORATION | $18,215,000 | $28,225,000 | 55.0% | 1.1% |
| RM ACTUAL MORTGAGE, INC. | $35,815,000 | $27,700,000 | -22.7% | 1.1% |
| CROSSCOUNTRY MORTGAGE, LLC | $26,330,000 | n/a | 1.0% | |
| Senior Mortgage Bankers Inc | $30,055,000 | $24,315,000 | -19.1% | 0.9% |
| COOPERATIVA DE AHORRO Y CREDITO LA PUERTORRIQUEÑA | $28,860,000 | $20,745,000 | -28.1% | 0.8% |
| Cooperativa A/C de Arecibo | $19,545,000 | $18,520,000 | -5.2% | 0.7% |
| Equity Prime Mortgage LLC | $9,025,000 | $15,030,000 | 66.5% | 0.6% |
| COOPERATIVA DE CREDITO LA SAGRADA FAMILIA | $7,270,000 | $13,200,000 | 81.6% | 0.5% |
| COOPERATIVA DE AHORRO Y CREDITO VEGA ALTA | $11,335,000 | $12,805,000 | 13.0% | 0.5% |
| A&D Mortgage LLC | $12,295,000 | n/a | 0.5% | |
| LATIN AMERICAN FINANCIAL CORPORATION | $14,950,000 | $9,435,000 | -36.9% | 0.4% |
| Cooperativa A/C Oriental | $9,380,000 | n/a | 0.4% | |
| COOPERATIVA DE AHORRO Y CREDITO DE CAMUY | $16,620,000 | $9,065,000 | -45.5% | 0.4% |
| COOPERATIVA DE AHORRO Y CREDITO DE ISABELA | $6,130,000 | $8,960,000 | 46.2% | 0.4% |
| CARIBE FEDERAL CREDIT UNION | $10,710,000 | $6,675,000 | -37.7% | 0.3% |
| COOPERATIVA DE AHORRO Y CREDITO DE MANATI INC. | $5,075,000 | $6,670,000 | 31.4% | 0.3% |
| Baxter Credit Union | $6,175,000 | $6,205,000 | 0.5% | 0.2% |
| Cooperativa De Credito Y Ahorro San Jose | $3,875,000 | $5,200,000 | 34.2% | 0.2% |
| The Lending Center Corporation | $14,230,000 | $4,815,000 | -66.2% | 0.2% |
| COOPERATIVA DE AHORRO Y CREDITO DR. MANUEL ZENO GANDIA | $2,965,000 | $4,730,000 | 59.5% | 0.2% |
| COOPERATIVA DE AHORRO Y CREDITO DE LARES | $2,840,000 | $4,580,000 | 61.3% | 0.2% |
| Cooperativa de Ahorro y Credito Jesus Obrero | $4,235,000 | $4,485,000 | 5.9% | 0.2% |
| COOPERATIVA DE AHORRO Y CREDITO LAS PIEDRAS | $6,110,000 | $4,140,000 | -32.2% | 0.2% |
| Cooperativa de Ahoro y Crédito Bo. Quebrada de Camuy, P.R. | $2,150,000 | $3,055,000 | 42.1% | 0.1% |
| COOPERATIVA DE AHORRO Y CREDITO ROOSEVELT ROADS | $3,420,000 | $3,050,000 | -10.8% | 0.1% |
| SAN RAFAEL COOP | $2,085,000 | $2,700,000 | 29.5% | 0.1% |
| COOPERATIVA DE AHORRO Y CREDITO CAGUAS | $2,075,000 | $2,040,000 | -1.7% | 0.1% |
| Cooperativa De Ahorro Y Credito La Aiboniteña | $1,645,000 | $1,980,000 | 20.4% | 0.1% |
| Cooperativa de Ahorro y Credito Aguas Buenas | $920,000 | $1,555,000 | 69.0% | 0.1% |
| PLANET HOME LENDING, LLC | $225,000 | $1,535,000 | 582.2% | 0.1% |
| Cooperativa de A/C de Maunabo | $4,085,000 | $1,440,000 | -64.7% | 0.1% |
| NATIONWIDE MORTGAGE BANKERS, INC. | $305,000 | $1,055,000 | 245.9% | 0.0% |
| COOPERATIVA DE AHORRO Y CREDITO DEL VALENCIANO | $1,795,000 | $915,000 | -49.0% | 0.0% |
| COOPERATIVA DE AHORRO Y CREDITO DE SANTA ISABEL (CACSI) | $1,860,000 | $830,000 | -55.4% | 0.0% |
| EVERETT FINANCIAL, INC. | $805,000 | n/a | 0.0% |
Puerto Rico's top lender by overall market share is Banco Popular de Puerto Rico, with 20.4% market share. In second place, with 14.0%, is FIRSTBANK PUERTO RICO, having originated $357,360,000 in loans. In third place, with 7.5%, is Oriental Bank, having originated $191,525,000 in loans. In fourth place, with 6.5%, is FIRST EQUITY MORTGAGE BANKERS, INC., having originated $167,090,000 in loans. In fifth place, with 4.9%, is THE MONEY HOUSE INC., having originated $125,480,000 in loans.
Puerto Rico Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 12,884 | $2,048,430,000 | $158,990 |
| Cash Out Refi | 1,418 | $260,320,000 | $183,583 |
| Refi | 1,063 | $174,565,000 | $164,219 |
| Other | 151 | $51,455,000 | $340,762 |
| Home Improvement | 79 | $25,045,000 | $317,025 |
| NA | 2 | $100,000 | $50,000 |
Puerto Rico's most frequently cited loan purpose was Home Purchase, with 12,884 originations. The 2nd most popular reason was Cash Out Refi, with 1,418 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 4,932 | $851,880,000 | $172,725 |
| 4-5% | 3,730 | $617,400,000 | $165,523 |
| 6-7% | 2,699 | $425,385,000 | $157,608 |
| 3-4% | 2,552 | $394,420,000 | $154,553 |
| 2.5-3% | 636 | $104,710,000 | $164,638 |
| 7-8% | 528 | $93,230,000 | $176,572 |
| <2.5% | 367 | $56,645,000 | $154,346 |
| Over 8% | 94 | $10,370,000 | $110,319 |
During 2022, Puerto Rico's most frequently originated rate bucket was 5-6%, with 4,932 originations.
Loan Sizing (Puerto Rico MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 7,168 | $981,740,000 | $136,961 |
| $100,000 or less | 5,438 | $410,220,000 | $75,436 |
| $200k-400k | 2,306 | $615,840,000 | $267,060 |
| $400k-600k | 392 | $187,690,000 | $478,801 |
| $600k-1000k | 193 | $139,625,000 | $723,446 |
| $Over $1MM | 100 | $224,800,000 | $2,248,000 |
Puerto Rico's loan sizing saw the bucket of loans from $100k-200k with 7,168 originations, totaling $981,740,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 8,717 | $1,426,985,000 | $163,701 |
| 60-80% | 5,008 | $791,470,000 | $158,041 |
| 40-60% | 1,209 | $193,245,000 | $159,839 |
| Over 100% | 327 | $64,355,000 | $196,804 |
| 20-40% | 256 | $71,290,000 | $278,477 |
| Under 20% | 24 | $6,860,000 | $285,833 |
Puerto Rico's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 8,717 originations, totaling $1,426,985,000 in origination value.