September's unemployment fell and job creation beat expectations, but inflation rose and hurricane-related claims spiked, making a Fed rate cut less likely. Property insurance costs jumped 52% since 2020 due to disasters. Mortgage applications dropped 5.1% as rates climbed.
A quick market insights. September's unemployment rate fell, and job creation exceeded expectations, signaling a stronger labor market. Inflation also surpassed forecasts. The strong jobs data, along with a spike in unemployment claims, likely from Hurricane Helen, reduces the chance of a Fed rate cut. According to NAHB survey, the most likely technologies to impact a choice to buy a home are those that increase security and energy efficiency. ICE reports that average property insurance payments for single-family homes have risen 52% since 2020 due to costly natural disasters. Mortgage applications dropped 5.1% last week as interest rates increased, with both refinance and buying apps down. Thank you for watching.
