Wells Fargo & Co. has cut hundreds of jobs in its mortgage business across the country, Bloomberg News reported Thursday, citing people familiar with the bank's plans.

Higher inflation and rapidly rising mortgage rates have started to weigh on the housing market as buying homes becomes costlier, hitting what was until last year a booming industry.

Refinancing has also come under pressure due to the U.S. Federal Reserve's aggressive monetary policy tightening campaign.

The latest reductions in the lender's mortgage unit add to thousands already made by Wells Fargo this year, the Bloomberg report said.

The bank did not immediately respond to a Reuters request for comment on the report.

In June, JPMorgan Chase & Co., the largest U.S. bank by assets, had also started laying off employees in its mortgage business.