Business brief

SouthTrust Bank and Wachovia Bank said Mitch Hunt has been named president for the Mid-South/South region, replacing Ray Petty, who is retiring at year's end.

Hunt will be responsible for retail and wholesale banking operations in South/Central Alabama, Mississippi and the Florida panhandle. He will serve in the same position when the area banks convert to Wachovia next month.

Hunt previously served as regional president for Wachovia in Central Virginia and has 24 years of experience in the banking industry. Hunt received both a bachelor's degree and a master's degree in business administration from the University of Georgia.

"Mitch is a veteran SouthTrust banker who brings a wealth of knowledge and experience to the community," said Ronald DeVane, the bank's Mid-South chief executive. "His expertise and leadership will serve the market well as we convert to the Wachovia brand in October."

From staff reports --

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.