Hey friends - heading back to NYC today! It was an epic 5 weeks here in Silicon Valley. So much exciting stuff coming here at Share Scoops.

Scoops app users: We have taken the beta app offline for a short period for some major updates. Can’t wait to show you all what we’ve been working on! Reach out if you have any questions.

We’re going to switch up the content in this spotlight for a bit to make sure you all have the info you need to master your week.

🌎 The Big Picture

AI is dominating the conversation, not just because of the stock market, but because without the AI spending, the economy would be looking a lot worse. AI spending has contributed more to GDP than consumer spending this year, which is wild.

The market opened on a high note on Thursday, fueled by optimism around a new jobs report showing strong hiring in September and strong financial reports from two industry titans, Walmart and Nvidia. However, the market couldn't keep up the positivity and tumbled to a steep loss to end the day.

There weren't any major events or releases around the time of the momentum switch, signalling that the positive news from Nvidia may not have been enough to calm the growing fears about an AI bubble, or at least over-valued AI stocks, that have dominated the conversation over the past week, driving markets lower.

Home buying cooled off last week as mortgage costs climbed. The Mortgage Bankers Association reported that the average 30-year fixed-rate mortgage rate inched up to 6.37%, the most expensive since mid-October. Both home shoppers and homeowners looking to refinance stepped back, with overall mortgage applications down 5%. Home purchase requests slipped 2% from the prior week. However, activity is still 26% higher than last year, when rates approached 7% and the housing market ground to a halt.

Affording a new home remains a challenge for buyers nationwide. The average mortgage size got smaller, showing that many buyers are seeking out lower-priced homes or are more cautious about borrowing large amounts. Applications for mortgages backed by government support programs like FHA and VA saw a slight uptick, hinting that affordability is an increasing concern. If you're in the market, watching these rate changes each week could save, or cost, you hundreds on your next mortgage.

The hidden costs of homeownership are climbing. According to a new analysis from Zillow and Thumbtack, homeownership costs like maintenance, insurance, and property taxes are now averaging nearly $16,000 per year nationwide. These expenses have increased by 4.7% over the past year, outpacing the growth in household incomes and making homeownership even less affordable for many families.

Homeowners insurance has become one of the fastest-rising costs, with premiums up 48% since early 2020. In states prone to natural disasters, these increases are even more dramatic. For instance, Miami homeowners now pay an average of $4,607 annually, a 72% jump in five years. On top of that, property taxes are climbing, especially in metropolitan areas like New York City. Understanding the true, full cost of owning a home and budgeting for regular maintenance is more important than ever.

Get the full breakdown of all the trends affecting your home, wallet, and career in the new Weekend Scoop on the Scoops app!

🏭 The Companies Everyone’s Talking About

Dig into more scoops and vote on company approval ratings in the Scoops app!

❔ The Big Question of the Week

Challenge your perspectives and learn from the community voting on the Scoops app!