The jobs market saw a surge last week, with non-farm payrolls increasing by 266,000 in September alone, according to the Department of Labor. This is an impressive mark after the lackluster recovery over the course of the last year since the onset of the pandemic. Unemployment remained steady at 6.9%, a level that wasn’t seen before the pandemic.

With these figures, it’s no surprise that the Fed is likely to be pleased. Mortgage rates play an important role in economic stability, as lower rates often motivate buyers to purchase homes. The question remains whether or not this data points to a peak in mortgage rates for 2023.

Main Points:
• Non-farm payrolls increased by 266,000 in September
• Unemployment steady at 6.9%
• Fed likely to be pleased with the data
• Questions remain if this indicates peak mortgage rate for the year

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