Market Update 5/05/2008

Mortgage and Lending with CYPRESS MORTGAGE

Treasuries fell as initial jobless claims declined and before the government sells $6

billion of 30- year securities today as part of its quarterly refunding program. The

benchmark 10-year note sold yesterday yielded 3.86 percent as of 8:36 a.m. in New

York, according to BGCantor Market Data. The price of the 3 7/8 percent security due

May 2018 was little changed at 100. Yields on 30-year bonds rose 2 basis points to

4.62 percent. The yield on the two-year note was little changed at 2.30 percent.

Treasuries remained lower after a report showed initial jobless claims declined more

than economists had forecast in the week ended April 26, to 365,000 from 383,000 the

previous week, the Labor Department said today in Washington. The median forecast

in a Bloomberg News survey of economists was for a decrease to 370,000. The

market is unchanged to .125 better in discount this morning.

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