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If there were any doubts left that the U.S. mortgage refinancing wave had crested, broken and was receding, simply look at Wells Fargo. The bank is the largest U.S. mortgage lender, with almost a quarter of the market this year, more than double that of JPMorgan, the second-largest competitor, according to Inside Mortgage Finance. This week, Wells said that it was cutting 2,300 jobs at its mortgage-lending business. The bank had added staff when refinancing demand soared and naturally it is now waning with rising rates. The average rate on a 30-year mortgage has risen about a percentage point since May when the Federal Reserve began talking about tapering its asset purchases.