The last time the unemployment rate was this low, the financial crisis hadn’t yet culminated and another administration was in the White House. Mortgage jobs expanded, but the solid U.S. report is hurting mortgage rates.
In September, U.S. nonfarm payroll employment increased by 248,000 — a huge improvement over the 142,000 jobs added the previous month.
American staffing was also strong compared to the same month last year, a month that saw just 148,000 jobs added.
The Bureau of Labor Statistics released the data on Friday.
The U.S. unemployment rate was 5.9 percent — the lowest it has been since July 2008, when 5.8 percent of Americans were unemployed.
In early trading, the price of the 10-year Treasury was down 14/32. The yield increases when the price moves lower. Fixed mortgage rates track the 10-year yield.
Mortgage sector data, which is reported on a one-month lag, indicated 286,200 people worked at non-bank mortgage lenders in August.
Non-bank mortgage staffing expanded from July, when industry-wide headcount was 285,800. The month-earlier figure was originally reported at 286,300.
But collective payrolls at non-bank mortgage firms have fallen from 303,000 in August 2013. The year-earlier number was revised up from 291,900 originally reported.
Using loan origination market share data for banks and credit unions, Mortgage Daily estimates that total mortgage industry headcount was approximately 677,300 in August, little changed from a revised estimate of 676,400 for July.
Mortgage Daily’s August estimate included around 341,400 mortgage employees at banks and 49,700 people who handled mortgages working for credit unions.
Employees classified as “real estate credit” made up 214,200 of August’s BLS non-bank total, rising from the previous month’s 213,800.
“Real estate credit” jobs numbered 226,800 in August 2013.
“Mortgage and nonmortgage loan brokers” accounted for the remaining 72,000 August non-bank mortgage total, unchanged from July and down from 76,200 a year earlier.
