The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 7.3 percent in the week ended April 19, following a 3.5 percent drop in the previous week.

According to the report, the refinance applications tumbled 11.0 percent and applications to purchase a home declined 4.1 percent.

Meanwhile, the average fixed 30-year mortgage rate increased to 4.46 percent from 4.44 percent.

“Borrowers remain extremely sensitive to rate changes,” noted Mike Fratantoni, MBA senior vice president and chief economist. “Borrowing costs have recently drifted higher because of ebbing geopolitical concerns, as well as signs of strengthening in the U.S. economy, including the recent data pointing to robust retail sales.”