The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. edged down 0.1 percent in the week ended November 1, following a 0.6 percent increase in the previous week.

According to the report, applications to purchase a home dropped 2.5 percent, while refinance applications increased 1.8 percent.

Meanwhile, the average fixed 30-year mortgage rate fell to 3.98 percent from 4.05 percent.

“U.S. Treasury yields once again exhibited some intraweek volatility before declining sharply toward the end of the week,” noted Joel Kan, associate vice president of economic and industry forecasting.