Banking giant Wells Fargo is laying off 48 workers in Raleigh as part of a broader effort to reduce its mortgage staff as demand for refinancings slows.
The San Franciso-based bank is laying off 2,323 workers nationwide, including 284 in Charlotte.
Higher interest rates on mortgages have put a damper on refinancings, a market that had heated up thanks to historically low interest rates.
The workers whose jobs are being eliminated in Raleigh work in consumer loan processing, where they handle both initial mortgages and refinancings.
"This is a cycle that lenders go through," said Wells Fargo spokesman Josh Dunn. "When rates are low there is a lot of refinancing activity. When rates go up, that activity drops off."
"Rates are still relatively low," he added, "but not where they were before."
Dunn also noted that Wells Fargo had increased its mortgage staff over the last few years to handle the increased demand and now was adjusting to the current market -- especially since the bank projects that refinancing could continue to fall in the near-term.