|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.
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:...