The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 1.7 percent in the week ended July 30, following a 5.7 percent surge in the previous week. 

According to the report, refinance applications dropped 1.7 percent, while applications to purchase a home also declined 1.7 percent.

Meanwhile, the average fixed 30-year mortgage rate decreased from 3.01 percent to 2.97 percent, the lowest level since the first week of February 2021.

“Interest rates drifted lower globally last week, as markets assessed the latest concerns regarding the delta variant,” noted MBA Senior Vice President and Chief Economist Mike Fratantoni. “30-year mortgage rates dropped below 3 percent in our survey for the first time since this February, presenting an opportunity for many homeowners who have not yet refinanced to lower their rate and their payments”.