Union Bank of California Increases Reference Rate to 7.25 Percent

Union Bank of California, N.A., announced today (December 13) that it has increased its reference rate to 7.25 percent from 7.00 percent. Based in San Francisco, UnionBanCal Corporation (NYSE:UB) is a bank holding company with assets of $51.3 billion at September 30, 2005. Its primary subsidiary, Union Bank of California, N.A., had 319 banking offices in California, Oregon and Washington, and 20 international facilities at that date. The company's Web site is located at www.uboc.com.

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.