Ruoff Home Mortgage has cut nearly five-percent of it’s workforce.

The company says the move is the result of rising interest rates for mortgages caused by inflation, as well as a decreased demand .

The company did not say exactly how many employees were let go. They employ more than 1,000 people nationwide, including hundreds in Indiana.

Ruoff says interest rates for a conventional residential, 30-year mortgage was 6.3% last week, up from 2.86% a year ago.

That’s caused the demand for refinancing to fall bigtime.

Despite the staff reduction, Ruoff says it plans to continue developing the markets it serves.