The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 2.5 percent in the week ended September 11, following a 2.9 percent advance in the previous week.

According to the report, refinance applications declined 3.7 percent, while applications to purchase a home dropped 0.5 percent.

Meanwhile, the average fixed 30-year mortgage rate remained unchanged at 3.07 percent.

“With the flurry of refinance activity reported over the past several months, demand may be slowing as remaining borrowers in the market potentially wait for another sizable drop in rates,” noted Joel Kan, an MBA economist.