Wells Fargo & Co. (WFC) plans to lay off 1,800 mortgage production employees, bringing the total third-quarter reduction count to 4,800. Per The Street:

The sharp rise in long-term interest rates since April — as the market has anticipated an eventual tapering of "QE3" bond purchases by the Federal Reserve — has led to a sharp drop in mortgage refinance applications and overall mortgage lending volume across the industry.

Wells Fargo continued to lay off employees and cut an additional 1,800 employees in mortgage production, bringing the overall count to 4,800 in the third quarter.