The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 1.8 percent in the week ended July 2, following a 6.9 percent plunge in the previous week. This marked the second straight weekly decrease in total mortgage application volume.

According to the report, refinance applications declined 2.3 percent, while applications to purchase a home dropped 1.1 percent.

Meanwhile, the average fixed 30-year mortgage rate decreased from 3.20 percent to 3.15 percent, the lowest in three weeks.

“Swift home-price growth across much of the country, driven by insufficient housing supply, is weighing on the purchase market and is pushing average loan amounts higher,” noted Joel Kan, MBA’s associate vice president of economic and industry forecasting.