Commerce Bank of Oregon comes to Portland

There is a new bank in town.

The Commerce Bank of Oregon on Wednesday opened a temporary office in Portland at 1211 S.W. Fifth Ave., Suite 1250.

"The Commerce Bank of Oregon will help meet the financial needs of the community by offering a full array of financial services to individuals and businesses," said Mike Paul, president and chief executive officer.

Paul is a veteran of 28 years of commercial banking and management experience, most recently as president of private client services at a large Portland-based bank.

The Commerce Bank of Oregon is a subsidiary of Salt Lake City-based Zions Bancorporation (NASDAQ: ZION).

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.