The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. dropped 3.3 percent in the week ended May 24, following a 2.4 percent advance in the previous week.

According to the report, the refinance applications fell 6.0 percent, while applications to purchase a home declined 1.4 percent.

Meanwhile, the average fixed 30-year mortgage rate remained unchanged last week at 4.33%.

“Concerns over European economic growth and ongoing uncertainty about a trade war with China were some of the main factors that kept mortgage rates low last week,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “It is possible that the trade dispute is causing potential homeowners to hold off on buying, with the fear that further escalation — or the lack of resolution — may have adverse impacts on the economy and housing market,” Kan added.