The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 0.8 percent in the week ended July 24, following a 4.1 percent climb in the previous week.

According to the report, applications to purchase a home dropped 1.5 percent, while refinance applications decreased 0.4 percent.

Meanwhile, the average fixed 30-year mortgage rate remained unchanged at 3.20 percent.

“This trend, along with the fact that average loan sizes are increasing, indicate that prospective first-time buyers are being impacted more by the rising economic stress caused by the resurgence in Covid-19 cases, as well as the uncertainty on how the next round of government support will take shape,” noted Mike Fratantoni, chief economist for the MBA.