The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 6.2 percent in the week ended August 23, following a 0.9 percent drop in the previous week.

According to the report, refinance applications declined 7.6 percent, while applications to purchase a home dropped 4 percent.

Meanwhile, the average fixed 30-year mortgage rate increased to 3.94 percent from 3.90 percent.

“U.S. Treasury yields were volatile over the course of the week, as the ongoing trade dispute between the U.S. and China continued to generate uncertainty among investors,” noted Joel Kan, MBA’s associate vice president of economic and industry forecasting. “Rates increased for the first time since the week of July 12.”