Layoffs, Shutdowns Hit Mortgage Industry As High Rates Crush Lending

  • With interest rates hitting 14-year-highs and lending activity way down from the peaks of the past two years, layoffs and shutdowns are happening with alarming frequency.
  • Real estate company Redfin laid off 8 percent of its staff in June.
  • Rocket, one of the largest non-bank mortgage lenders, has done two rounds of cuts.
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