US economy expanded at a 1.7%

Change since pricing In discount points In 32's Decimal  30 Year Conv (FNMA MBS)  3.375%-3.75% Unchanged 0 0  3.875%-4.25% Unchanged 1 0.03125  4.375%-4.75% Unchanged 3 0.09375  30 Year FHA/VA (GNMA MBS)  3.375%-3.75% Worse by 1/8 -1 -0.03125  3.875%-4.25% Unchanged 1 0.03125  4.375%-4.75% Unchanged 1 0.03125  15 Year Conventional  2.875%-3.25% Worse by 1/8 -3 -0.09375  3.375%-3.75% Worse by 1/8 -1 -0.03125  3.875%-4.25% Worse by 1/8 -2 -0.0625  15 Year FHA/VA  2.875%-3.25% Worse by 1/8 -3 -0.09375  3.375%-3.75% Worse by 1/8 -1 -0.03125  3.875%-4.25% Worse by 1/8 -2 -0.0625  7/23 Conventional Worse by 1/8 -2 -0.0625  5/25 Conventional Unchanged 0 0

	Instrument Current Yield Change  10 Year Treasury 1.65% -3  30 Year Treasury 2.76% -7  NASDAQ 3077 Closed  Ginnie Mae 3.5% 107.83 1  Fannie Mae 3.5% 105.67 2

Commentary & News:
Open

Mortgage bond prices opened slightly lower Wednesday morning applying upward pressure to mortgage rates.

In news released this morning, the US economy expanded at a 1.7% rate in the second quarter. That data was near expectations and had little effect on trade.

Traders are now waiting for stocks to begin trade at 9:30 am ET to help gauge interest rate direction. This afternoon the Treasury will auction $35B of 5-year notes with results by 1:15 pm ET and the Fed Beige book will be released at 2:00 pm ET.

In overnight trade, European Central Bank President Mario Draghi wrote an op-ed piece in a German publication saying exceptional measures are sometimes needed to carry out the mandate of stable prices. This is his second big “splash” this week. On Monday he announced he would skip the Jackson Hole Symposium this weekend due to his workload. It appears Europe may be coming to grips with the debt crisis. We hope it is not too late.

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