Home loan applications in the US have dropped, according to the Mortgage Bankers Association.

The group says that applications have fallen 1.5% from last week, while rates have notched up by 0.07%.

The applications for loans dipped when the mortgage rates came up from the lowest level in decades.

Applications to refinance home loans have also fallen by just over three percent.

Interest rates have been at or near the lowest level in decades due to investors shifting their money into safer Treasury bonds.

The average rate for a 30-year fixed loan rose to 4.5 percent from 4.43 percent a week earlier.