Market Update 7/24/2008

Mortgage and Lending with CYPRESS MORTGAGE

Treasuries rose, snapping a two-day decline, before an industry report that may show

sales of previously owned U.S. homes approached a record low. Treasuries gained

along with European bonds after reports showed business confidence fell in Germany.

Ten-year notes climbed as oil fell for a third day, easing concern that inflation will

accelerate. Five-year notes advanced before a government sale of $21 billion of the

securities today. The yield on the benchmark 10-year security fell 2 basis points to

4.10 percent at 8:10 a.m. in New York, according to BGCantor Market Data. It touched

4.17 percent yesterday, the highest since June 25. The 3.875 percent note due in May

2018 climbed 1/8 to 98 6/32. Five-year yields dropped 2 basis points to 3.48 percent

before the government sale of the securities later today. Reports showed business

confidence fell in Germany, the biggest economy in the euro region, by the most since

2001. Market is relatively unchanged to .125 better in discount this morning.

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