MarketMinute | Did apps go down as rates went up? You might be surprised...

• Consumer confidence grew in October at its fastest single-month pace since March 2021.

• Inflation increased slightly in September, according to the Fed’s favored PCE index. The 12-month rate was 2.1%, near the Fed target.

• Job openings in September fell to a 3-1/2 year low, and August's data was revised downward, pointing to a future easing in labor market conditions.

• Due to a September dip in rates, pending home sales jumped a surprising 7.4% for the month, the highest level since March.

• The FHFA reported a 0.3% monthly gain in home prices in August, though the annual growth rate dropped to 4.2% from 4.7% in July.

• Last week’s rising mortgage rates did not inhibit purchase mortgage apps, which rose 5% for the week and were 10% higher than a year ago.

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