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Wells Fargo & Company said it is cutting another 700 mortgage jobs, as the U.S. home-refinancing market continues to cool. Banks have been slashing jobs amid an industrywide slowdown in refinancing activity, that was spurred by a rise in interest rates last May. As a result, mortgage originations have been down across the industry. The market for home purchases also remains seasonally weak, since people tend to buy homes in the spring.

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