Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts
Back to General Questions/Other

Wells Fargo To Cut 2,300 Mortgage Jobs As Refinancing Slows

Wednesday, August 21, 2013 - 7:39 PMWells Fargo Bank - Details
Wells Fargo & Co , the largest mortgage lender in the United States, will cut 2,300 jobs in its home loan business because fewer customers are refinancing as interest rates rise, according to an internal memo reviewed by Reuters.

Wells Fargo to cut 2,300 mortgage jobs as refinancing slows - chicagotribune.com

So Wells is convinced that rates continue to head higher from here through the rest of the year? How would they know this?
6
ShorebreakShorebreak2,380 posts since
Apr 6, 2010
Rep Points: 12,706
1. Wednesday, August 21, 2013 - 7:51 PM
The writing is on the wall; the (2.5%, 15 year) no point/no cost mortgage is history and historical low. 

No matter when the tapering happens, it will happen.  Then the rate increase... then the stock market reaction (hopefully not a major crash). 
4
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
2. Wednesday, August 21, 2013 - 8:02 PM
Me thinks many of these financial blogs and news sources are overdoing the expected 'doom and gloom' when tapering eventually begins. I don't expect a stock market or bond collapse and I certainly don't expect a significant bump in deposit yields.  I fully anticipate Chairman Bernanke to shortly make a statement, to calm the markets, by amplifying his usual 'no change going forward' policy.
4
ShorebreakShorebreak2,380 posts since
Apr 6, 2010
Rep Points: 12,706
Reply