The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 0.6 percent in the week ended May 10, following a 2.7 percent increase in the previous week.

According to the report, the refinance applications declined 0.5 percent and applications to purchase a home dropped 0.6 percent.

Meanwhile, the average fixed 30-year mortgage rate decreased to 4.40 percent from 4.41 percent.

“It’s worth watching if ongoing global trade disputes lead to increased anxiety about the economy, which could cause some potential homebuyers to put off their home search until the uncertainty is resolved,” said Joel Kan, an MBA economist.