Mortgage Daily Logo
mortgage news from industry experts

Mortgage Jobs Increase

Mortgage Jobs Increase7,600 mortgage jobs added in March

May 7, 2004

By COCO SALAZAR

The labor market continued to grow at a rapid pace, including a welcome boost in mortgage-related jobs. While the news marks an advantage for job hunters, home hunters are likely to see higher rates.

In its latest employment report, the Bureau of Labor Statistics said mortgage jobs totaled 444,300 in March, increasing from the previous month’s revised figure of 436,700. The total a year ago was 423,500.

The Bureau, which is a division of the U.S. Department of Labor, reports employment numbers about 30 days following the end of each month.

The latest total was composed of 317,800 people working in Real Estate Credit and 126,500 mortgage and nonmortgage brokers, according to the report.

Among mortgage companies recently reporting plans to add employees are AccreditedAmeriquest and MILA.

The Bureau said overall employment, or nonfarm payroll jobs, rose by 288,000 in April and was widespread for the second consecutive month. Employment was much stronger than economists’ predictions that growth would be between 165,000 to 173,000 jobs, according to published reports. Doug Duncan, chief economist for the Mortgage Bankers Association of America, recently said he expected job growth to be in the 200,000 to 225,000 range toward the end of the year.

Speculation of strong employment data and a recent announcement by the Federal Reserve Board’s rate committee that it could raise rates at a “measured” pace has already pushed mortgage rates up to the highest level since September, and it’s expected they will continue to rise in response to economic growth.

The unemployment rate was little changed over the month at 5.6%, the announcement said.


Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.

email: s3celeste@aol.com

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION