DES MOINES, Iowa (AP) -- Wells Fargo & Co. says 58 workers in its home mortgage division in Des Moines have received layoff notices.
Company spokeswoman Vickee Adams said Thursday that the layoffs are a reflection of the cyclical nature of the business. Employees were notified Wednesday.
Increasing home loan rates have slowed refinancing. The average rate on a 30-year loan is 4.37 percent this week. Just two months ago the rate was 3.35 percent. Rates had surged in recent weeks amid concern over the Fed's bond purchases, which have kept interest rates low.
Adams says some workers may find other jobs in the company.
Wells Fargo posted profit of $5.27 billion on Friday, 20 percent higher than the same period a year ago.
- Wells Fargo