The nation's largest bank laid off hundreds of home lending employees on Wednesday as mortgage rates and inflation continued to cool a once-hot housing market.
Hundreds of home lending employees were laid off by JP Morgan.
The layoffs were caused by changes in the mortgage market, according to a statement from a spokesman for the bank.
The company will lay off hundreds of people and reassign hundreds of others, according to a report.
The company was able to move impacted employees to new roles within the firm and is working to help the remaining employees find new employment.
The layoffs came after existing home sales fell for the fourth month in a row. The median sale price for an existing home reached $400,000 last month, the first time it has ever done so, even as home sales have cooled over the last year. The Federal Reserve raised its interest rates last week in order to combat inflation. The average 30-year fixed mortgage rate more than doubled from its record low in January 2021.
As the home-buying market slows down, other mortgage lenders may lay off employees.
The existing home prices hit a record.
The housing market could be "torpedo" in the U.S.
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