The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. dropped 4.1 percent in the week ended February 5, following an 8.1 percent climb in the previous week.

According to the report, refinance applications decreased 4.2 percent, while applications to purchase a home declined 4.7 percent.

Meanwhile, the average fixed 30-year mortgage rate rose from 2.92 percent to 2.96 percent, the highest since the week ended November 13.

“Despite some weekly volatility, Treasury rates have been driven higher by expectations of faster economic growth as the Covid-19 vaccine rollout continues,” noted Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting.