Market Update 7/08/2008

Mortgage and Lending with CYPRESS MORTGAGE

Two-year Treasury note yields held near their lowest levels in a month as global stocks

and U.S. stock futures tumbled on concern credit-market losses will worsen, sending

investors to the relative safety of government debt. An industry report scheduled to be

released this morning will show home resales fell for a third month in four, a sign the

worst housing slump in a quarter of a century hasn't troughed. The two-year note yield

was little changed at 2.44 percent at 8:18 a.m. in New York, according to BGCantor

Market Data. The 2.875 percent security due in June 2010 traded at 100 27/32. The 10-

year note yield was little changed at 3.90 percent. The market is relatively unchanged

in discount this morning.

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