JAN 7, 2013 11:06am ET

South Carolina CU Recognized for Lowest Mortgage Rate

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Spartanburg Regional FCU led the nation with the lowest average rate on a 30-year mortgage, 2.5%, in the newest analysis released by SNL Research, Charlottesville, Va.

The credit union edged out Puerto Rico-based Scotiabank de Puerto Rico by 13 basis points.

Meanwhile, overall rates continue to decline. SNL reported in its survey the average nationwide rate for a 30-year fixed mortgage was 3.51% on Dec. 19, with the average 15-year rate coming in at 2.93%.

Both averages are significantly below the 3.85% 30-year rate and the 3.20% 15-year rate posted in the previous, late-June analysis.

The lowest rates in the country can be found in Alaska, reported SNL, with the 15-year mortgage average at 2.63% and the average 30-year rate at 3.29%.

Montana came in second place for both products, offering an average of 2.68% on a 15-year mortgage and 3.33% on a 30-year mortgage.

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