Mortgage originations in Puerto Rico increased by 4.4 percent in the third quarter of 2025, according to data released by the Office of the Commissioner of Financial Institutions (OCIF). Between July and September, 3,252 home loans were originated, 138 more than in the same period last year.
The average mortgage amount rose to $362,851, a 6.2 percent increase compared to the previous year, according to Luisa García Pelatti, who reported the findings. This increase follows a trend of rising mortgage values, with the average mortgage climbing from $300,908 in 2023 to $357,850 in 2024 – a 61.5 percent increase over the last five years.
Banks originated 1,483 mortgages, representing 45.6 percent of the total, but this was a 2.4 percent decrease from the previous year. Non-depositary institutions, specializing in mortgage generation, saw a more significant increase, originating 1,769 mortgages, a 10.9 percent rise.
Through the first nine months of 2025, a total of 9,438 mortgages were generated, a 6.2 percent increase compared to the same period in 2024. However, 2024 saw only 12,110 mortgage originations, a 2.8 percent decrease from 2023, marking the lowest figure in over two decades. Originations had been declining for the three years prior to 2025.
Data released in a separate report by García Pelatti indicates that in the first half of 2025, financial institutions in Puerto Rico repossessed over 9,000 automobiles, exceeding half the total repossessions from 2024. This suggests a potential increase in repossessions for the entirety of 2025, potentially surpassing the 15,985 vehicles repossessed in 2024 – the highest number in six years.
Meanwhile, the number of mortgage foreclosures decreased by 55.6 percent in the first quarter of 2025. According to OCIF data, banks executed 225 mortgage foreclosures due to payment defaults during the first three months of the year.
The OCIF recently announced the period for license renewal without penalty for financial institutions under its jurisdiction, running from November 1st to December 1st, 2025.
