WASHINGTON, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT
                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): August 1, 2003

                         MFA MORTGAGE INVESTMENTS, INC.
             (Exact Name of Registrant as Specified in Its Charter)

          Maryland                       1-13991                  13-3974868
----------------------------           -----------           -------------------
(State or Other Jurisdiction           (Commission              (IRS Employer
     of Incorporation)                  File No.)            Identification No.)

              350 Park Avenue, 21st Floor, New York, New York 10022
               (Address of Principal Executive Office) (Zip Code)

Registrant's Telephone Number, Including Area Code: (212) 207-6400

                                 Not Applicable
          (Former name or former address, if changed since last report)


      On August 1, 2003, MFA Mortgage Investments, Inc. (the "Company") hired
Timothy W. Korth as General Counsel, Senior Vice President - Business
Development and Secretary. A copy of Mr. Korth's employment agreement, dated
August 1, 2003, is attached as an exhibit hereto.

      On August 5, 2003, the Company entered into an underwriting agreement (the
"Underwriting Agreement") with Friedman, Billings, Ramsey & Co., Inc., RBC Dain
Rauscher Inc. and Flagstone Securities, LLC (collectively, the "Underwriters")
relating to the sale of 5,000,000 shares of the Company's common stock, par
value $0.01 per share (the "Common Stock"), and the granting to the Underwriters
of an option to purchase up to an additional 750,000 shares of Common Stock to
cover over-allotments that may occur during the offering process (the
"Offering"). A copy of the Underwriting Agreement is attached as an exhibit

      The net proceeds to the Company from the Offering are expected to be
approximately $46.6 million (or approximately $53.6 million if the Underwriters
exercise their over-allotment option in full), after deducting underwriting
discounts and commissions and the estimated Offering expenses of the Company.


      The following exhibits are filed as part of this current report in
accordance with the provisions of Item 601 of Regulation S-K:

      1.1   Underwriting Agreement, dated August 5, 2003.

      10.1  Employment Agreement of Timothy W. Korth, dated August 1, 2003.


      Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                       MFA MORTGAGE INVESTMENTS, INC.

                                       By: /s/ Stewart Zimmerman
                                           Stewart Zimmerman
                                           President and Chief Executive Officer

Date: August 7, 2003