The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 3.1 percent in the week ended June 4, following a 4.0 percent drop in the previous week. This marked the third consecutive weekly decline in total mortgage application volume.

According to the report, refinance applications decreased 5.1 percent, while applications to purchase a home rose 0.3 percent.

Meanwhile, the average fixed 30-year mortgage rate dropped from 3.17 percent to 3.15 percent, the lowest in three weeks.

“With fewer homeowners able to take advantage of lower rates, the refinance share dipped to the lowest level since April,” noted Joel Kan, MBA’s associate vice president of economic and industry forecasting.