The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 0.9 percent in the week ended August 16, following a 21.7 percent surge in the previous week.

According to the report, applications to purchase a home fell 4 percent, while refinance applications rose 0.4 percent.

Meanwhile, the average fixed 30-year mortgage rate decreased to 3.90 percent from 3.93 percent.

“In a week where worries over global economic growth drove U.S. Treasury yields 13 basis points lower, the 30-year fixed mortgage rate decreased just 3 basis points. As a result, the refinance index saw only a slight increase but remained at its highest level since July 2016,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “The small moves in rates and refinancing are potentially signs that lenders may be approaching capacity constraints as they continue to deal with the largest wave of refinance activity in three years.”