Redfin laid off 8% of its workforce today. In a blog post, the CEO said this:

…mortgage rates increased faster than at any point in history. We could be facing years, not months, of fewer home sales, and Redfin still plans to thrive. If falling from $97 per share to $8 doesn’t put a company through heck, I don’t know what does.

Basically, anyone who thinks that the recession will last a quarter or so is dreaming. The recession could last one or two years.

While the CEO is talking specifically about home sales, this signals that he expects interest rates to be elevated for years.