Good Tuesday AM from your Hometown Lender,

June is National Homeownership Month, when we raise awareness about the benefits of owning a home and the importance of making homeownership more attainable for all Americans. Every family deserves to have the opportunity to reap the benefits of homeownership—from building generational wealth to building memories for years to come.

It is all about education.

Bonds this morning are working to recover some of yesterday’s losses but are showing signs of giving up the early gains. Rates are flattish but the 10yr note is grinding higher. Today brought the Job Openings and Labor Turnover Survey, which helps track labor demand, turnover rates, and overall labor market health. It came in stronger than markets anticipated and that is the reason we are not seeing much rate help.

Yesterday wasn’t a great day for bonds, with mortgage bonds losing ground through the afternoon before recovering a bit late in the day. Bonds weakened despite manufacturing data that showed things are still headed in the wrong direction for May, marking three straight months of decline. If manufacturing is cooling off, that’s a sign that there could be some layoffs and weakness in labor. It’s also a sign that it could trickle down into other parts of the economy, such as trucking, warehousing, and shipping. More to come on this for sure.

The rest of the week is very busy with economic data. I do not think floating is worth the risk.

And on this day in 1775, the U.S. national debt was born. The Continental Congress authorized a loan of 6 million pounds sterling to buy gunpowder—more than a year before the founding fathers were ready to declare independence.

Stay safe and make today great!