Mortgage employment increased as unemployment decreased to the lowest level in over five years -- sending a benchmark Treasury yield surging.
The number of jobs in the mortgage sector was 504,500 in September, 2,600 better than in August and 6,900 higher than the same month a year earlier, the Bureau of Labor Statistics reported today.
The month-to-month increase was due to an improvement in the number of real estate credit jobs to 362,400, as the number of mortgage and non-mortgage brokers edged down from August to make up the remainder of the overall mortgage jobs, the division of the U.S. Department of Labor added.
Total employment in October increased by 437,000 to 145.3 million, and the unemployment rate declined from September to 4.4 percent -- the lowest since May 2001 when it was also at that level.
Following the release of the employment report, the 10-year Treasury note yield rose 10 basis points to 4.70%.