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Mortgage Jobs Expand, U.S. Employment Strong

U.S. employers were aggressive about hirings last month, sending unemployment to a seven-year low. Mortgage jobs also fared well in the government report.

The unemployment rate during October was 5.0 percent, according to the Bureau of Labor Statistics. It was the lowest rate since April 2008.

The solid economic news sent prices of Treasury bonds down 22/32 in early trading. As bond prices decline, bond yields — and mortgage rates — ascend.

According to the report, the unemployment rate was 5.1 percent in September 2015 and 5.7 percent in October 2014.

The BLS said that nonfarm payroll employment increased by a robust 271,000 jobs last month —
nearly doubling the 137,000-pace of job additions a month earlier and better than 221,000 job additions a year earlier.

In the home-lending industry, which is reported on a one-month lag, non-bank jobs totaled 299,800 in September, BLS data indicate.

Mortgage employment
employment was up from 298,200 in August. The figure was revised up from 297,100 originally reported.

In September 2014, there were
283,600 people in the business. The year-earlier number was revised down from 289,000 originally reported.

The latest mortgage total included
222,400 employees classified as “real estate credit” as of September 2015. This category grew from 221,000 a month earlier and 210,700 a year earlier.

Another
77,400 employees were labeled “mortgage and nonmortgage loan brokers.” Broker count increased from 77,200 in August and 72,900 in September 2014.

Using BLS and market-share data, Mortgage Daily estimates that around
590,400 people, including employees at financial institutions, worked in real estate finance as of September 2015.

The industry estimate expanded from a revised 587,300 in August and a revised 568,900 in September 2014.

The Sept. 30, 2015, mortgage industry total included an estimated 229,900 mortgage jobs at banks,
60,700 positions at credit unions and 299,800 employees at non-banks.

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