The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 2.4 percent in the week ended July 5, following a 0.1 percent decrease in the previous week.

According to the report, refinance applications declined 6.5 percent, while applications to purchase a home climbed 2.3 percent.

Meanwhile, the average fixed 30-year mortgage rate dropped to 4.04 percent from 4.07 percent.

“Borrowers have been less sensitive to low rates as many borrowers have either recently refinanced or are likely waiting for rates to fall even further,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “Other mortgage rates in our survey were unchanged or slightly higher than in the previous week.”