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Mortgage Jobs Down, Mortgage Rates Up

A solid showing for U.S. employment wasn’t enough to bolster monthly mortgage employment numbers, but it was enough to push mortgage rates higher.

The U.S. economy added a whopping 288,000 jobs in April, according to the Bureau of Labor Statistics. That was far more than the 192,000 positions added a month earlier and 165,000 a year earlier.

In addition, the unemployment rate dropped to 6.3 percent from 6.7 percent in March. Unemployment was 7.5 percent in April 2013.

“Employment gains were widespread, led by job growth in professional and business services, retail trade, food services and drinking places, and construction,” the report said.

In early trading, the price of the 10-year Treasury note fell 13/32 — pushing the yield higher. The 10-year yield is tracked by fixed mortgage rates.

The bureau, a division of the Department of Labor, reported that 279,000 people were employed in the mortgage industry as of March. The total excludes mortgage employees in other industries such as banking.

Mortgage jobs fell from February, when the number was 283,700.

They were also down from 301,100 in March 2013. The year-earlier data was originally reported at 288,900.

The latest month reflected 208,300 employees in “real estate credit,” declining from 212,000 in February and 226,200 in March 2013.

Another 70,700 were classified as “mortgage and nonmortgage loan brokers” as of March. This category moved down from 71,700 the prior month and 74,900 the same month in the prior year.

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