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The economy last month allowed for the addition of significantly fewer jobs than economists were expecting, according to the Labor Department.

Economists were expecting approximately 123,000 jobs to be created in the month of September, yet today’s Employment Report by the Labor Department revealed that only 51,000 jobs were added. This is the slowest job growth since the Gulf Coast was struck by hurricanes last year.

The unemployment rate edged down somewhat to 4.6 percent in September from 4.7 percent in August. Economists forecast the unemployment rate would remain unchanged.

“Today’s employment report is unfortunate news for the economy overall, but it signals a real opportunity for homeowners with adjustable rate mortgages that are poised to reset,” says Quicken Loans Chief Economist Bob Walters. “Long-term interest rates, which have been near historic lows recently, will likely drop further, adding more fuel to this new refinance boom as people go from ARMs to fixed-rate mortgages.”

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