The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 6.4 percent in the week ended February 14, following a 1.1 percent increase in the previous week. That was the biggest decline since the week ended November 29.

According to the report, refinance applications tumbled 8.0 percent, while applications to purchase a home fell 3.4 percent.

Meanwhile, the average fixed 30-year mortgage rate rose to 3.77 percent from 3.72 percent.

"Treasury yields moved slightly higher last week, despite uncertainty surrounding the economic impact from the spread of the coronavirus," noted MBA economist Joel Kan. "The 30-year fixed mortgage increased five basis points to 3.77% as a result, causing refinance applications - driven by an 11% drop in applications for conventional refinances - to fall."