The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. plunged 5.1 percent in the week ended April 2, following a 2.2 percent drop in the previous week. This was the largest decline since the week ended February 19.

According to the report, refinance applications fell 5.3 percent, while applications to purchase a home declined 4.6 percent.

Meanwhile, the average fixed 30-year mortgage rate rose from 3.33 percent to 3.36 percent, the highest since the week ended June 5.

“Refinance applications declined for the fifth straight week, but there was a gain in VA loan activity,” noted Joel Kan, an MBA economist. “Overall, refinance demand has decreased, with volume over the past 10 weeks down by more than 30%.”