According to the StarTribune, Wells Fargo (WFC) notified 102 employees within its Minnesota mortgage operation of an impending layoff. Those impacted will be losing their positions within 60 days.

“While interest rates remain very favorable by historical standards for home buyers, a recent rise in rates has affected consumer demand for mortgage refinancing, causing volumes to fall below what we experienced throughout 2012 and early 2013,” said Wells Fargo spokeswoman Peggy Gunn.

“We are reducing staff in Minnesota to respond to this shift in demand and to better align and increase the efficiency of our organization.”