Mortgage jobs, others rise as Pulte rate cut tensions grow

Mortgage bankers and brokers have been engaging in cautious hiring and they might want to remain careful about it given the complications the latest job numbers add to the rate outlook.

At 266,700, nondepositories in the industry added an estimated 1,300 positions during the May homebuying season when compared to revised April numbers as total U.S. jobs reported with less of a lag climbed too, adding a stronger-than-anticipated 147,000 positions in May. 

That, combined with a drop in unemployment to 4.1%, might not be enough to convince independent policymakers the economy is weak enough to lower short-term rates even though it’s something housing regulator Bill Pulte and other Trump administration officials want.

“The housing market has been waiting for a Fed rate-cutting cycle to…