Core wholesale inflation came in slightly cooler than expected in August. Overall producer prices remain elevated, pressuring mortgage rates higher.

The price of Brent crude oil jumped as Middle East tensions flared again, raising fears of higher energy costs and more inflation.

The economy added a surprisingly strong 162K jobs in August, the biggest gain since March. Unemployment held at 4.1%.

Existing home sales fell 2% in August to their slowest pace in more than a year, per

NARNAR also reports housing inventory reached 4.9 months' supply, the most in over a decade. Rates and prices continued to weigh on sales.

Purchase mortgage applications remained essentially flat, dropping 0.2% for the week, though they were 4% higher year over year.