Puerto Rico Mortgage Rates & Closing Costs

30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

30 Year Fixed Rate mortgages in Puerto Rico averaged 6.86% for the week of 2024-07-03, compared to the national average of 6.95% for the same period.

The average rate for the prior week (2024-06-27) was 6.57% and one month ago for the week of 2024-05-30, the average rate was 6.74%.

Puerto Rico's average rate one year ago was 6.62%.

For refis of the same type during the week of 2024-07-03, the average rate was 6.84%.

Loan Type Date Rate
US 30 Year Fixed Rate 2024-07-03 6.95%
Puerto Rico 30 Year Fixed Rate 2024-07-03 6.86%
Puerto Rico 30 Year Fixed Rate Refi 2024-07-03 6.84%
Puerto Rico 15 Year Fixed Rate 2024-07-03 6.28%
Puerto Rico 15 Year Fixed Rate Refi 2024-07-03 6.55%
Puerto Rico 30 Year FHA 2024-07-03 6.42%
Puerto Rico 30 Year FHA Refi 2024-07-03 6.62%
Puerto Rico 30 Year USDA 2024-07-03 6.29%
Puerto Rico 30 Year USDA Refi 2024-07-03 6.94%
Puerto Rico 30 Year VA 2024-07-03 6.1%
Puerto Rico 30 Year VA Refi 2024-07-03 6.28%
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Puerto Rico.

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.).

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Banco Popular de Puerto Rico 1,329 7.10% $7,154
FIRSTBANK PUERTO RICO 945 6.13% $6,768
FIRST EQUITY MORTGAGE BANKERS, INC. 285 7.08% $8,683
Oriental Bank 257 6.49% $7,290
Cooperativa de Ahorro y Credito de Rincon 193 5.81% $5,547
PENTAGON FEDERAL CREDIT UNION 136 6.08% $9,897
MULTIPLES MORTGAGE CORPORATION 129 6.49% $10,599
Capital Mortgage Services Corp. 115 7.43% $8,660
THE MONEY HOUSE INC. 114 7.27% $6,598
Rf Mortgage & Investment Corp 111 6.99% $9,682
SUN WEST MORTGAGE COMPANY, INC. 102 7.41% $8,486
Cooperativa A/C de Arecibo 99 5.56% $9,307
HR MORTGAGE CORP. 76 7.16% $7,760
COOPERATIVA DE AHORRO Y CREDITO DE CAMUY 75 6.57% $6,164
COOPERATIVA DE AHORRO Y CREDITO VEGA ALTA 61 6.64% $31,249
CROSSCOUNTRY MORTGAGE, LLC 59 7.00% $14,166
COOPERATIVA DE CREDITO LA SAGRADA FAMILIA 53 5.40% $7,500
TRUST MORTGAGE, CORP 44 7.83% $6,749
COOPERATIVA DE AHORRO Y CREDITO DE MANATI INC. 42 7.06% $8,407
COOPERATIVA DE AHORRO Y CREDITO DE LARES 40 6.40% $4,189
Cooperativa de Ahorro y Credito Jesus Obrero 40 6.55% $5,118
PREFERRED MORTGAGE CORPORATION 37 7.59% $8,262
CARIBE FEDERAL CREDIT UNION 34 6.88% $7,888
COOPERATIVA DE AHORRO Y CREDITO LAS PIEDRAS 30 6.23% $5,097
METRO ISLAND MORTGAGE, INC. 28 7.32% $10,518
COOPERATIVA DE AHORRO Y CREDITO CAGUAS 25 7.10% $7,967
Senior Mortgage Bankers Inc 25 7.15% $12,064
The Lending Center Corporation 22 7.44% $7,297
COOPERATIVA DE AHORRO Y CREDITO DR. MANUEL ZENO GANDIA 22 7.36% $11,067
Cooperativa A/C Oriental 18 7.00% $7,370
RM ACTUAL MORTGAGE, INC. 18 7.99% $7,273
Cooperativa De Credito Y Ahorro San Jose 17 6.17% $6,227
CALCON MUTUAL MORTGAGE LLC 17 7.95% $20,351
COOPERATIVA DE AHORRO Y CREDITO DE ISABELA 17 5.71% $7,187
Equity Prime Mortgage LLC 17 7.19% $15,814
SAN RAFAEL COOP 16 6.08% $6,860
Cooperativa De Ahorro Y Credito La Aiboniteña 16 7.03% $5,867
Baxter Credit Union 15 6.63% $6,061
VIG MORTGAGE CORPORATION 14 7.21% $6,134
COOPERATIVA DE AHORRO Y CREDITO ROOSEVELT ROADS 12 6.35% $6,747
Cooperativa de A/C de Maunabo 7 6.95% $5,791
EVERETT FINANCIAL, INC. 4 7.52% $11,840
Cooperativa de Ahorro y Credito Aguas Buenas 3 7.83% $7,847
HOME MORTGAGE BANKERS CORP. 2 8.06% $11,902
COOPERATIVA DE AHORRO Y CREDITO LA PUERTORRIQUEÑA 1 7.50% $8,249
E.M.I. EQUITY MORTGAGE, INC. 1 7.50% $3,525
PLANET HOME LENDING, LLC 1 7.75% $11,958

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.