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A staff restaurant erectalis Thousands of people are being laid off in the mortgage business as banks face-up to the inevitable decline in their refinancing applications. With the rise in mortgage interest rates the years-long boom in refinancing is almost certainly over. The average for a 30-year fixed rate home loan is now over 4.7 percent compared with less than 3.5 percent early this year. Bloomberg News reports that Bank of America will eliminate more than 2,000 jobs and close 16 mortgage offices. America’s largest mortgage lender, Wells Fargo Bank, has told investors its mortgage loans will drop 30 percent in the current quarter compared to the second quarter when rates were still low.