The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 0.3 percent in the week ended April 17, following a 7.3 percent surge in the previous week.

According to the report, refinance applications dropped 0.8 percent, while applications to purchase a home increased 2.1 percent.

Meanwhile, the average fixed 30-year mortgage rate remained unchanged at 3.45 percent, the lowest level in the MBA's survey, which began in 1990.

"The pandemic-related economic stoppage has caused some buyers and sellers to delay their decisions until there are signs of a turnaround," noted Joel Kan, an MBA economist. "This has resulted in reduced buyer traffic, less inventory, and March existing-homes sales falling to their slowest annual pace in nearly a year."