The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 2.2 percent in the week ended November 15, following a 9.6 percent climb in the previous week.

According to the report, refinance applications decreased 7.7 percent, while applications to purchase a home went up 6.7 percent

Meanwhile, the average fixed 30-year mortgage rate fell to 3.99 percent from 4.03 percent.

“U.S. and China trade anxieties and protests in Hong Kong pulled U.S. Treasurys lower last week, and the 30-year fixed mortgage rate followed the same path, dipping below 4%,” noted Joel Kan, MBA’s associate vice president of economic and industry forecasting. “Rates have stayed in the same narrow range of around 4% since July, so we may be starting to see the expected slowdown in refinancing as the pool of eligible homeowners shrinks.”