Rising rates have not held mortgage lenders and brokers back from employing more people than ever.
There were 529,300 people working in the mortgage industry during September, according to the release of data today from the Bureau of Labor Statistics. Mortgage jobs, reported about five weeks after the end of each month, total nearly 4,000 more than August's revised figure, and are 49,000 higher than a year ago.
Mortgage employment has continued to increase to new records even as rates have risen to the highest levels in years, with the average 30-year fixed rate at its highest level since June 2004 and the average 1-year ARM at its highest level since March 2002, according to mortgage giant Freddie Mac.
September's figures from the bureau, a division of the U.S. Department of Labor, reflected 392,900 people employed in "real estate credit" and 136,400 people employed as "mortgage and nonmortgage loan brokers."
U.S. unemployment was 5% in October, according to the announcement, down from 5.1% the previous month.