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  • The economy added far more jobs than expected in September while unemployment fell, pointing to a stronger labor market than believed.
  • September's inflation rate was higher than forecast. When combined with the blowout jobs report, it reduces the likelihood of Fed rate cuts.
  • Jobless claims rose last week to the highest level in over a year. The increase is likely due to the aftermath of Hurricane Helene.

 

Housing News

  • An NAHB survey found technologies to improve energy efficiency and security are most likely to influence a home buying decision.
  • ICE reports the average property insurance payment for single-family homes is up 52% from 2020, as natural disasters have cost insurers billions.
  • Mortgage applications dropped 5.1% as rates started to rise last week. Both refinance and purchase apps fell from the previous week.

Market Minute Report - Mortgage News