The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 1.4 percent in the week ended July 26, following a 1.9-percent decrease in the previous week.

According to the report, applications to purchase a home dropped 3.0 percent, while refinance applications inched up 0.1 percent.

Meanwhile, the average fixed 30-year mortgage rate remained unchanged at 4.08 percent

“Despite healthy demand, inadequate supply levels continue to hold back some would-be buyers,” noted Joel Kan, MBA’s associate vice president of economic and industry forecasting.