Ruoff Home Mortgage cuts workforce

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(Photo Supplied/Ruoff Mortgage)
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.

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