The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 3.7 percent in the week ended April 9, following a 5.1 percent tumble in the previous week. This marked the sixth consecutive decline.

According to the report, refinance applications plunged 5.0 percent, while applications to purchase a home declined 1.4 percent.

Meanwhile, the average fixed 30-year mortgage rate decreased from 3.36 percent to 3.27 percent, the lowest level in five weeks.

“Purchase and refinance applications declined, with most of the pullback coming earlier in the week when rates were higher, noted Joel Kan, MBA’s associate vice president of economic and industry forecasting. “Refinance activity has now decreased for nine of the past 10 weeks, as rates have gone from 2.92% to 3.27% over the same period.”