A strong October Jobs Report showed more people working than expected.

After a disappointing September, the October Jobs Report shined with 271,000 jobs created, well above the 181,000 expected. August's and September's figures were also revised higher by a total of 12,000 new jobs. The unemployment rate dropped to 5 percent.

Fed Chair Janet Yellen mentioned in recent days that an increase to its benchmark Fed Funds Rate is still a "live possibility" at its December meeting, and this strong employment data may be just what the Fed needs to take action later this year. The Fed Funds Rate is the rate banks use when lending money to each other overnight. When this benchmark rate does increase, it's possible that home loan rates could follow suit, depending on the markets and overall economic conditions. The Fed will continue to monitor this key report for employment trends, as well as other economic data that signal a strengthening economy.

In housing news, home price gains remain solid, according to CoreLogic, a leading provider of consumer, financial and property information. Home prices, including distressed sales, rose 6.4 percent in September 2015 compared to September 2014. CoreLogic forecasts prices will continue to rise with a projected 4.7 percent gain from September 2015 to September 2016.