Mortgage banking and brokerage firms gained 4,000 employees in November 2016, the ninth consecutive month in a row of job growth, National Mortgage News reported, referencing figures released by the Bureau of Labor Statistics.
Total employment in the sector in November was 322,100, up from 318,100 in October. National Mortgage News noted that the job gains have persisted despite fewer loan applications, due to increasing interest rates.
“The improvement in labor force participation and rise in compensation are generally positive results for housing. However, they need to be watched to determine how much is a result of minimum wage increases and lack of available skilled labor,” said Doug Duncan, chief economist at Fannie Mae, in an interview with the source.
National Mortgage news noted that there is a delay in the release of mortgage industry job figures, as they are published by the BLS one month after the national jobs report is released.
Falling mortgage rates may also be boosting activity in the sector, according to The Mortgage Reports. Low inflation is helping mortgage rates, and conventional loan rates are also decreasing.
“Today’s jobs report is good news for today’s home buyers and homeowners looking to refinance. Rates remain at historic lows and lenders are approving more loans than any time this decade,” the report noted.
