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.

More People Exit Mortgage Lending

More People Exit Mortgage Lending

October mortgage employment at 416,700

December 8, 2003

By 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.

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...


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...