Bank of America Mortgage Co. is laying off 720 employees, as rising rates continue to take a toll on the home loan business.

"The cuts represent about 11% of our total mortgage employee base," spokeswoman Shirley Norton said Friday. She attributed the layoffs to a decline in demand as higher rates discourage new borrowing, and said the layoffs would take effect Nov. 30. "We are in the process of telling people now," she said.

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