Mortgage industry flooded with layoffs
According to the Las Vegas Review-Journal, the banking industry cut 10,000 mortgage-related jobs in the third quarter of 2013.
The industry reached peak employment of 505,000 in February 2006. Since its peak, the mortgage industry has lost 210,000 jobs, and in July employed 295,000, figures released by the Mortgage Bankers Association show.
"Refinancing has constituted the bulk of the mortgage business," Bankrate.com senior analyst Greg McBride said. "When interest rates go up, the demand for refinancing drops. It’s a very cyclical business."