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Federal Reserve officials concluded earlier this month that inflation was steadily falling and agreed to closely monitor incoming data to ensure that the pace of price increases would continue slowing toward their 2% target, according to the minutes of their meeting released Tuesday. As a result, the policymakers decided to leave their key benchmark rate unchanged but to keep it elevated for an extended period. Speaking at a news conference after the meeting, Fed Chair Jerome Powell kept the door open for another rate hike, though most economists say they think the central bank is done raisi...

The average rate on the 30-year fixed mortgage increased to 7.63% from 7.57% the previous week, Freddie Mac reported.

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Job growth in the United States has remained resilient for the past 2 1/2 years even after high inflation flared and the Federal Reserve jacked up interest rates at the fastest pace in four decades. The September jobs report that the Labor Department will issue Friday will show just how much of that durability remains. Additional threats to the economy have emerged in recent weeks, including much higher long-term interest rates, rising energy prices, the resumption of student loan payments, widening labor strikes and the ongoing threat of a government shutdown.

The unemployment rate was unchanged at 3.8%.