Get Your Mortgage Rate Quote in Just 30 Seconds

Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below.

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

7 Refinance Strategies
7 Refinance Strategies

Refinance to a lower interest rate: If interest rates have dropped since you took out your original mortgage, refinancing to a lower rate can help you save money on your monthly payments and reduce the overall cost of your loan. Refinance to a shorter loan term:...

7 Refinance Strategies
Is Refinancing With Your Present Lender Preferable?

Do Not Accept the First Refinancing Offer You Receive Homeowners should not accept the first refinancing rate provided to them. This is particularly important if you are applying with your existing lender. Some mortgage lenders have mechanisms in place that prioritize...

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

Fannie Mae Profile

Fannie Mae Profile

Last Updated December 27, 2018 7:38 PM Central   full list | other directories | bank search | SEC...

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION