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JPMorgan's mortgage business lays off, reassigns hundreds of employees as rates climb

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Hundreds of employees in the bank's mortgage business have been caught in the crosshairs as the Federal Reserve has driven mortgage rates higher as it works to bring down inflation.

for a 30-year, conventional, fixed-rate mortgage was 5.23% in May, up from 4.98% in April. The average commitment rate across all of 2021 was 2.96%.

The JP Morgan Chase & Co. headquarters — The JP Morgan Chase Tower in Park Avenue — in midtown Manhattan, N.Y., Jan. 27, 2014.

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Timbers.. this fall/winter will set record's with layoffs. Let just hope the suffering a little is what Americans need to understand what's being lost and the life they 'had'

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