Mortgage Daily

Published On: December 8, 2003
More People Exit Mortgage Lending

October mortgage employment at 416,700

December 8, 2003

By MortgageDaily.com staff

The government’s latest monthly employment report shows there were 4,700 less people working in mortgage-related jobs in October, compared to September.

The Bureau of Labor Statistics reported that the non-seasonally adjusted number of people working in mortgage-related jobs totaled 416,700 in October. The total is down from the previous month’s revised figure of 421,400. Last year at this time, the mortgage sector employed 375,400.

The Bureau, a division of the U.S. Department of Labor, reports these numbers about 30 days after the end of each month.

Contributing to the total, were the 304,800 people employed in Real Estate Credit. The number of people working in this sector is down 7,100 from the revised figure of 311,900 in September. A year ago, this sector had 284,200 employees, according to the report.

The remainder of the total was made up of 111,900 employed loan brokers, both mortgage and nonmortgage. This number is down from September’s total of 109,500, but it is up from 91,200 a year ago, said the Bureau.

According to the Bureau, the unemployment rate in November stood at 5.9%, or 8.7 million unemployed people. In October, 8.8 million were unemployed.

FREE CALCULATORS TO HELP YOU SUCCEED
Tools for Your Next Big Decision.

Amortization Calculator

Affordability Calculator

Mortgage Calculator

Refinance Calculator

FHA Mortgage Calculator

VA Mortgage Calculator

Real Estate Calculator

Tags

Pre-Approval Resources!

Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…

Resource Center

Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.

Your mortgages approval starts here.

Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.

Stay Up To Date with Today’s Latest Rates

Mortgage

Today’s rates starting at

4.63%

5/1 ARM
$200,000 LOAN

Home Refinance

Today’s rates starting at

4.75%

30 YEAR FIXED
$200,000 LOAN

Home Equity

Today’s rates starting at

3.99%

3 YEAR
$200,000 LOAN

HELOC

Today’s rates starting at

2.24%

30 YEAR FIXED
$200,000 LOAN