Mortgage bankers hired 7,800 full-time employees in June after adding 2,200 in May as managers tried to beef up capacity with their shops being swamped by a tidal wave of refinancings caused by record low interest rates.
The U.S. Bureau of Labor Statistics reported Friday that employment in the mortgage banking and brokerage sectors rose to 276,600 in June, up from 268,800 in May. The May figure was revised upward by 2,300 hires. (Mortgage employment trails the national figures by one month.)
The previous BLS report showed employment in the mortgage industry was basically flat from April to May.
However, employment in the mortgage broker sector is up in each of the past six months. The number of loan brokers is now at the highest level since December 2010.
Employment in the mortgage banking is at the highest level since May 2011.
Meanwhile, Friday’s job’s report shows the U.S. economy created 163,000 jobs in July up from 64,000 in June, but the unemployment rate ticked up to 8.3% in July from 8.2% the prior month.
