Man arrested for bank robbery

A Frederick man was arrested Friday for the Tuesday robbery of Spectrum Federal Credit Union at 1041 W. Patrick St. in Westridge Shopping Plaza.

Frederick Police Department officers including Detective Gene Alston, who has been investigating the robbery, arrested James Anthony Jones, 40, of the 500 block of Primus Court in Frederick at 6:30 p.m. Friday at his residence, according to Lt. Tom Chase.

Mr. Jones has been charged with armed robbery over $500 and first- and second-degree assault, Lt. Chase said. He remained at the Frederick County Adult Detention Center on Saturday in lieu of $200,000 bail.

After police circulated a surveillance video picture of the robber, several people called Detective Alston to identify the person as Mr. Jones, according to Lt. Chase.

A man entered the bank at 4:58 p.m. Tuesday with his hand wrapped in a cloth or towel, Lt. Chase said. The man told the teller he had a gun in the cloth and demanded money.

The bank was two minutes from closing for the day. It is not uncommon for a bank to be robbed near closing time, Lt. Chase said.

The teller gave the man money, and the man fled on foot, Lt. Chase said. Police did not release the amount of money taken. Lt. Chase did not say if police recovered any money from Mr. Jones' home.

The robbery occurred less than eight hours after another robbery at the Farmers & Mechanics Bank at 2 E. Patrick St. Tuesday morning. Police have charged Bryan Monique Harris, 37, of the 400 block of West South Street with several counts, including armed robbery, theft over $500 and first- and second-degree assault for that robbery.

The two robberies were not connected, Lt. Chase said.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.