The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 5.1 percent in the week ended February 12, following a 4.1 percent drop in the previous week.

According to the report, refinance applications declined 4.7 percent, while applications to purchase a home fell dropped 6.1 percent.

Meanwhile, the average fixed 30-year mortgage rate rose from 2.96 percent to 2.98 percent, the highest since the week ended November 13.

“Expectations of faster economic growth and inflation continue to push Treasury yields and mortgage rates higher. Since hitting a survey low in December, the 30-year fixed rate has slowly risen, and last week climbed to its highest level since November 2020,” noted Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting.