A Look At The Housing Market As JPMorgan Chase Cuts Jobs

U.S. mortgage applications fell last week to the lowest level since 2000, according to a survey from the Mortgage Bankers Association. Many analysts attribute this dip to rising interest rates and general anxiety over the health of the U.S. economy.

On Tuesday, JPMorgan Chase announced its plans to eliminate 8,000 jobs this year in the consumer and mortgage banking units, in an effort to control costs.

Although job reductions at JPMorgan have been significant over the past several years, the bank is not the only financing giant slimming down its workforce due to rising interest rates.

NPR's Chris Arnold discusses the bank’s massive job reduction and the startling mortgage report.