Mortgage rates held at a plus to minus one basis point change in the week ending November 8. In its weekly report, Freddie Mac reported 30-year fixed mortgage rates averaged 3.40% from 3.39% last week. Since the end of September, rates have held to a narrow range of 3.36% to 3.41%.

With rates not pushing to new lows, refinancing activity has moved off its 3-1/2 year high of 5888 hit at the end of September to 4244 as of the week ending Nov. 2, or down 28%.

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