Employment data

Total jobs and nonbank industry payrolls saw gains, but unemployment increased on a net basis too in what's been a volatile bond market.

Economists cautioned that October's employment report may not provide a fully accurate representation of the economy due to recent hurricanes.

Stronger than expected numbers for overall U.S. employment additions have diminished lender hopes for steeper rate drops, and industry hiring has been tepid.

Other estimates suggest nonbank mortgage employment grew in July as the industry cautiously added staff to handle incremental growth in demand for loans.

The industry hasn't been sure how much of a lift they'd get this spring but a broader slowdown in hiring may help to lower financing costs.

Job numbers for brokers have held up better than lenders, but both segments will be challenged by broader employment strength that makes rate cuts less likely.

The annual reconciliation shows nonbank cuts were deeper than the initial read suggested, and comes as the latest numbers for broader employment show a surge.

The number, juxtaposed with a recent survey that suggests companies will hire, raises questions as to whether numbers have bottomed out. Much depends on rates.

While home lending employment fell, a stronger-than-expected report on the broader labor market immediately raised concerns about the potential for higher interest rates.

The broader economy added 150,000 positions, a number the bond market initially read as likely to soften rates, but some economists interpreted differently.