The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 0.6 percent in the week ended October 16, following a 0.7 percent decline in the previous week.

According to the report, refinance applications increased 0.2 percent, while applications to purchase a home declined 2.1 percent.

Meanwhile, the average fixed 30-year mortgage rate edged up to 3.02 percent from record-low 3.00 percent.

“Despite the uptick in rates, refinance activity held steady, with FHA refinance applications posting a 17.6% increase, helping to offset declines in the other loan types,” noted Joel Kan, MBA’s associate vice president of economic and industry forecasting.