Mortgage bond prices opened near unchanged

	Instrument Current Yield Change  10 Year Treasury 1.64% 5  30 Year Treasury 2.75% 8  DOW Jones 13118 -6  NASDAQ 3075 2  Ginnie Mae 3.5% 107.8 1  Fannie Mae 3.5% 105.64 3

Commentary & News:
Open

Mortgage bond prices opened near unchanged Tuesday morning holding mortgage interest rates steady from pricing Monday.

Traders are waiting for stocks to begin trade at 9:30 am ET and for the release of consumer confidence set for 10:00 am ET. This afternoon the Treasury will auction $35B of 2-year notes with results by 1:15 pm ET.

This Friday Federal Reserve Chairman Bernanke will speak at the Jackson Hole Symposium. The event is designed as a forum for central bankers, policy experts and academics to come together to focus on topics that are not necessarily of immediate concern, but instead looks into the future at emerging issues and trends. Last night European Central Bank President Mario Draghi announced he will skip the meeting due to his work load. That announcement has some wondering if Europe is really crafting a plan to save the Euro. Market participants are hopeful Mr. Bernanke will lay the groundwork for further easing from the Fed. If the Fed is going to provide more stimulus to the economy it will most likely come from the Fed meeting in September, not this venue.