Home sales plummet as interest rates rise

Realtors, mortgage brokers and appraisers across the U.S. are facing widespread layoffs as interest rates rise and home sales plummet.

For those who work in the housing market and real estate-related industries, the Fed’s aggressive moves to lower inflation have had quick and severe effects. Groups of realtors, mortgage brokers, appraisers and builders across the U.S. say they have lost as much as 80% of their income since the Federal Reserve began raising interest rates in March. The 30-year fixed mortgage rate hit 6.66%, the highest level since 2008. According to the National Association of Realtors (NAR), the number of homes sold across the U.S. fell by nearly 20% in August from a year earlier.

Mortgage lenders experienced one of the earliest batch of layoffs. In April, Wells Fargo laid off nearly 200 loan processors and managers, citing ‘cyclical changes in the broader home lending environment.’ Big banks such as Citigroup and JPMorgan Chase have since announced cuts to their home loan teams.

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