FORT WAYNE, Ind. (Inside Indiana Business) – Fort Wayne-based Ruoff Mortgage Co. says it has reduced its workforce by 4.6%. The company says the move is the result of rising interest rates for mortgages caused by inflation, as well as a waning demand for mortgages.

The company did not specify precisely how many employees were let go. Ruoff employs more than 1,000 people nationwide, including about 300 in Fort Wayne.

Ruoff says interest rates for a conventional residential, 30-year mortgage was 6.30% earlier this week, up from 2.86% a year ago. Additionally the demand for refinancing has fallen about 80%, according to the company.

“We are saddened that economic conditions precipitated the need to adjust our team to a size more appropriate for the current environment,” Ruoff Mortgage President and CEO Mark Music said in written remarks. “We are grateful for the contributions that the affected team members made during their tenure. The overall economy is at full employment with many job openings, which will hopefully minimize the impact.”

Inside Indiana Business reached out to Ruoff for more specific numbers Friday afternoon, but has not yet received a response.

Despite the staff reduction, Ruoff says it plans to continue developing the markets it serves in Indiana, Ohio, Michigan, Kentucky, and Florida, while aiming to expand to new markets.

Just last month, Ruoff detailed plans to move its corporate headquarters to the former Swiss Re regional building near its existing facility on the southwest side of Fort Wayne. However, the company said it was not planning to add any jobs with the expansion.