According to a report by the Mortgage Bankers Association, loan applications for both purchases and refinancings dropped by 0.2 percent in April and are down by 0.8 percent from 2017.

The 30-year-fixed-rate mortgage rate reached an average of 4.73 percent, which is the highest since September 2013.

Refinance applications, which are typically the most sensitive to interest rate changes, are down 16 percent as compared to 2017.