Under pressure from rising mortgage rates, JPMorgan transfers hundreds and fires over 1000 mortgage section workers.
The biggest weekly increase in 35 years, weekly mortgage rates reached 5.78%.
In light of recent market volatility, JPMorgan's CEO claims a recession is inevitable.
In 1981, 30-year fixed mortgage rates jumped by 3% in a single year for the last time.
Since Biden assumed office, the monthly payments on a $400,000 mortgage climbed by 44%, from $1,622 to $2,341, or $8,628 more annually.
Real estate was stunned by the National Association of Realtors' assessment of home affordability, which was based on mortgage rates and home prices.
It revealed that existing homes had fallen to their lowest level of affordability since July 2007 as of April.
With the rise in mortgage rates from 3% up to 6%, a stunning 18 million households can no longer qualify for a $400,000 mortgage.
Jerome Powell, the chairman of the Fed, will appear before the House Financial Committee on Thursday morning.
Home prices in the US continue to rise, with 14%YoY growth in May.