The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. dropped 2.4 percent in the week ended August 27, following a 1.6 percent gain in the previous week. 

According to the report, refinance applications fell 3.8 percent, while applications to purchase a home rose 0.6 percent.

Meanwhile, the average fixed 30-year mortgage rate remained unchanged at 3.03.

“Despite low rates, refinance applications declined, with some borrowers still waiting for rates to drop even lower,” noted Joel Kan, MBA Associate Vice President of Economic and Industry Forecasting. “Recent uncertainty around the economy and pandemic have kept rates low over the past month, which is why the refinance index has oscillated around these levels.”