We’re in the summer travel season. TSA will be eliminating its “shoes off” policy, and many will be sampling today’s rollout of Spicy McMuffin breakfast sandwiches at Mickey D’s. My cat Myrtle was never a fan of the TSA, believing, perhaps, given her cynical nature, that their staff was filled with Walmart security guard rejects. (Did you know that you can opt out of the TSA taking your photograph every time you go through security, with no consequences? You should.) If you travel to Washington, D.C., know that a) there are periods between the D and the C, and b) Fed Chair Jerome Powell heads up spending $2.5 billion renovating the D.C. office, with a “b.” The chances of a Fed rate cut in at the next policy meeting in late July plunged to just 5 percent following the jobs report because the Fed is seen as unlikely to lower its policy rate until the labor market weakens. On today’s episode of Capital Markets Wrap presented by Polly, panelists break down the latest jobs data and how the market responded, including what it could mean for the Fed’s next move. They’ll also cover current lock volume trends, along with a look at recent headlines around appraisal fraud in Baltimore and the importance of maintaining a diversified investor base. (Today’s podcast can be found here and this week’s is sponsored by Truework, the only all-in-one, automated VOIEA platform that helps mortgage providers achieve up to 50% cost savings with an industry leading 75% completion rate. Today’s has an interview with Polunsky Beitel Green’s Peter Idziak on the recent Senate Parliamentarian’s decision blocking efforts to defund the Consumer Financial Protection Bureau via reconciliation and the implications for the agency’s independence and the broader mortgage lending framework.)

Yesterday I headed west from the conference while my son Robbie headed south to the nCino nSight event. But while in Manhattan Dawn S. asked me, “How do you know if there’s a vegan at your party?” Answer: “They’ll tell you.” It’s not hard to find someone to tell you why the “Sell America” trade is rampant in the financial markets, impacting rates and borrowers, and reminding us that politics and lending are indeed entwined. The U.S. should curb its “ever-increasing” debt burden, said Gita Gopinath, First Deputy Managing Director of the International Monetary Fund, in an interview with the Financial Times published Tuesday. Recall that Moody’s downgraded the U.S. credit rating due to rising government debt and interest payments, and as fiscal analysts raise concerns over Donald Trump’s proposal to extend and expand tax cuts. Gopinath noted that recent developments, including a truce on tariffs between the US and China and a US-UK trade agreement, are positive, but said “very elevated” trade policy uncertainty continues to affect the US economy. The IMF lowered its US growth forecast in April, citing trade tensions as a significant factor. The nation’s growing debt reflects a persistent imbalance between government spending and revenue, with no clear reversal in sight: regardless of party, no politician seems to be able to say no. (Today’s podcast can be found here and this week’s is sponsored by Xactus and its commitment to the continued transformation of the mortgage verification industry. Pioneering a new class of technology, “Intelligent Verification,” Xactus is redefining how the industry originates and services mortgages. Today’s has an interview with Finance of America’s Ashley Smith and Ryan Schmidt on why reverse mortgages deserve more attention from the broader mortgage industry and what’s holding back adoption.)

After improving modestly in the overnight session, bonds contended with the Retail Sales data at 8:30am ET.  At first glance, it should have been helpful, given that the headline came in at 0.2 versus a forecast of 0.6, but the closely watched control group (which excludes cars, fuel, and building materials) was much higher than expected. With that, bonds briefly the overnight gains. They’ve been bouncing back ever since. Some of that bounce has to do with a glut of bond buying 10 minutes before the 9:30am NYSE open.  The rest may be down to the inability of stocks to sustain a rally in early trading.

Florida offers various programs to assist first-time homebuyers. Eligibility generally requires not owning a home in the past 3 years. The Florida Housing Finance Corporation (Florida Housing) is the primary agency. Key programs include:

* **Florida Assist:** Offers a deferred, non-interest-bearing second mortgage for down payment and closing cost assistance.
* **Florida Hometown Heroes Loan Program:** Provides reduced interest rates and down payment/closing cost assistance to eligible frontline workers.
* **Mortgage Credit Certificate (MCC):** Reduces federal income tax liability, effectively lowering monthly mortgage payments.
* **First-Time Homebuyer Program:** Offers below-market interest rates on first mortgages.

Data points to note: Down payment assistance can range up to \$10,000 or more, depending on the program. Income and purchase price limits apply and vary by county. Credit score requirements also vary by program and lender, generally requiring a minimum score of 620-640. First-time homebuyers must complete a HUD-approved homebuyer education course. Florida Housing provided over \$278 million in assistance for affordable housing in 2022-2023.