The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. declined 1.9 percent in the week ended September 3, following a 2.4 percent decrease in the previous week. 

According to the report, refinance applications dropped 2.8 percent, while applications to purchase a home edged down 0.2 percent.

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

“Mortgage rates have stayed just above 3% for several weeks,” noted MBA Chief Economist Mike Fratantoni. “Refinance volume has been moderating, while purchase volume continues to be lower than expected given the lack of homes on the market. Economic data has sent mixed signals, with slower job growth but a further drop in the unemployment rate in August.”