NEW YORK - Analyst Richard X Bove of Punk Ziegel & Co reiterates his "buy" rating on Wachovia Bank (WB.NYS). The target price is set to $64.

In a research note published this morning, the analyst mentions that Wachovia Bank is selling its non-core Corporate Trust and Institutional Custody businesses to US Bancorp. The deal, expected to close in 4Q, is likely to result in a capital gain of $0.12 per share in 4Q, the analyst says

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.