Market update 4/24

Mortgage and Lending with CYPRESS MORTGAGE

Treasury notes fell as a government report showed initial jobless claims unexpectedly

declined over the past week. The yield on the two-year Treasury note rose less than 1

basis point, or 0.01 percentage point, to 2.23 percent at 8:33 a.m. in New York,

according to bond broker BGCantor Market Data. It earlier climbed to 2.24 percent.

The price of the 2 1/8 percent security due in April 2010 declined 1/32, or 31 cents per

$1,000 face amount, to 99 25/32. First-time claims for unemployment insurance

decreased to 342,000 in the week that ended April 19, from 375,000 a week earlier.

The median forecast in a Bloomberg survey was for a reading of 375,000. A separate

report showed durable goods orders except for transportation items increased 1.5

percent in March after a decline of 2.1 percent in February. Before the reports, twoyear

U.S. Treasuries rose as investors were attracted to yields that came within a

basis point of the Federal Reserve's main interest rate for the first time since July

2006. The market is .25 to .625 worse in discount this morning.

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