Mortgage Jobs Decline

Mortgage lenders reduced their payrolls by 1,100 full-time employees in August as mortgage rates rose and refinancing applications declined.The U.S. Bureau of Labor Statistics released data Oct. 3 showing that employment in the mortgage banker/broker sector fell from 423,200 in July to 422,100 in August. (There is a one-month lag in mortgage employment data due to changes the BLS made to its employment report this spring.) Mortgage rates fell in September, but it is likely that lenders continued to prune their payrolls as they prepare for a sharp drop in originations next year. Over the past 12 months, employment in the mortgage industry has increased by nearly 19%, or 67,600 new hires. Meanwhile, the BLS reported that nonfarm payrolls rose by 57,000 in September -- the first increase in eight months. The nation's unemployment rate remained unchanged at 6.1%.