The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 10.1 percent in the week ended September 20, following a 0.1 percent drop in the previous week. That represented the biggest decrease since the week ended July 2016.

According to the report, refinance applications tumbled 15.2 percent, while applications to purchase a home fell 3.1 percent.

Meanwhile, the average fixed 30-year mortgage rate increased to 4.02 percent from 4.01 percent.

“U.S. Treasury yields trended downward over the course of last week, as the Federal Reserve meeting highlighted the elevated uncertainty in the economic outlook. However, despite falling yields, mortgage rates ticked up again and have risen 20 basis points over the past two weeks,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “The increase in rates led to fewer refinances, and activity has now dropped 17% over the last two weeks.”