June's jobs report badly missed expectations — just 57,000 nonfarm payroll jobs added, the weakest month in four months, with April and May revised down a combined 74,000 jobs. The World Cup-driven hospitality boost economists expected never materialized, and softer jobs data eased pressure on the Fed to keep hiking, sending Treasury yields down and mortgage rates to a seven-week low per Freddie Mac. Purchase demand is now above last year's pace for a third straight month, and wages are growing faster (3.5% annually) than home prices (0.8% nationally) — meaning affordability is quietly improving. It's not a hot market, but the combination of softer jobs, lower rates, rising wages, and active buyers makes this one of the most housing-friendly data setups since spring. Have a great one! -John