Hey Basis Pointers, sorry our normal morning newsletter fired off before today's biggest market news so I'm doing a quick follow up here.

First move for mortgage rates is up after today's +253k new April jobs was way above +180k expectations, and unemployment at 50-year low of 3.4%.

More important is wage growth for April up 0.5% vs. 0.3% expected.

Wage growth is great for workers but bad for inflation and mortgage rates.

Here's a rundown of today's jobs report, rate reaction, and home affordability with today's rates of around 6.5%.

Julian