The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 3.4 percent in the week ended June 14, following a 26.8 percent climb in the previous week.

According to the report, both refinance applications and applications to purchase a home dropped 3.5 percent.

Meanwhile, the average fixed 30-year mortgage rate increased to 4.14 percent from 4.12 percent.

“After seeing a six-week streak, mortgage rates for 30-year loans increased slightly, which led to a pullback in overall refinance activity,” said MBA economist Joel Kan. “Strong demand from first-time buyers and low unemployment continue to push this year’s purchase activity above a year ago,” Kan noted.