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| The number of people employed by mortgage bankers and servicers increased in the latest monthly employment report from the government. But the increase was not enough to offset mortgage broker job losses.
The Bureau of Labor Statistics reported today that 266,600 people were employed in mortgage positions during May. The bureau, a division of the U.S. Department of Labor, usually reports employment statistics on the first Friday of each month but reported the data early due to the fourth of July holiday. Mortgage jobs fell from a revised 267,200 in April, the bureau said. A year earlier, there were a revised 314,700 people in mortgage-related positions. May’s decline was driven by a drop in the number of “mortgage and nonmortgage loan brokers,” which fell to 71,000 from 74,500 in April. Partially offsetting broker job losses was an increase to 195,600 “real estate credit” positions in May from the previous month’s 192,700. Overall nonfarm employment slid 467,000 jobs, pushing the U.S. unemployment rate to 9.5 percent in June from 9.4 percent in May. |
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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:...
