Banking & Finance  June 24, 2022

JP Morgan lays off mortgage workers, home sellers cut asking prices

JP Morgan Chase (NYSE: JPM) has responded to the increase in mortgage rates with hundreds of layoffs from its mortgage division. Meanwhile, some housing markets are seeing sellers cut their asking prices.

CNN Business reported that the national lender layed off hundreds of workers and reassigned additional hundreds as increased mortgage rates begin to affect activity in that segment of the marketplace.At the same time, Yahoo News reported that nearly half of home sellers in multiple cities — including Denver — have reduced their asking prices on homes as the market begins to cool.