Citi expected to cut 2,200 mortgage jobs

Citigroup has announced plans to ax 2,200 jobs within its mortgage unit by early 2014, citing weakened demand for home loans and refinancings due to rising interest rates.

Citigroup’s announcement comes on the heels of similar moves by large lenders Wells Fargo, Bank of America and JPMorgan Chase, who, together with Citigroup, are expected to lay off a total of 22,300 workers in their mortgage divisions in the coming months.

According to Freddie Mac, the average rate on a 30-year fixed-rate home loan is now above 4.6 percent, sharply higher than the approximately 3.5 percent average reported before summer began.

Source: FOX Business