Mortgage Jobs Keep Rising

Employment in the mortgage industry rose 1.7% in December to a new record as lenders continue struggling to process refinancing and home purchase applications.While employment in the U.S. dropped by 101,000 last month, the U.S. Bureau of Labor Statistics reported that jobs in the mortgage banker/broker sector increased from 401,600 in November to 408,400 in December. Mortgage lenders added 56,300 new hires to their payrolls in 2002 -- a 16% increase. Meanwhile, the BLS reported that the U.S. unemployment rate remained stuck at 6% and that the loss of jobs in November was 88,000 -- more than double the preliminary estimate made last month. Despite this dismal jobs report, James Smith, chief economist for the Society of Industrial and Office Realtors, said he expects strong economic growth in 2003 and continued demand for refinancings. "If productivity growth stays strong … interest rates will stay low," he said at a news briefing. The BLS can be found online at http://stats.bls.gov.