The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 6.5 percent in the week ended August 21, following a 3.3 percent drop in the previous week. This was the biggest weekly decline since the week ended June 19th.

According to the report, refinance applications plunged 10.2 percent, while applications to purchase a home rose 0.4 percent.

Meanwhile, the average fixed 30-year mortgage rate decreased to 3.11 percent from 3.13 percent.