U.S. mortgage applications declined to their lowest level since the start of 2016 even as some 30-year borrowing costs retreated from their highest levels in more than seven years, the Mortgage Bankers Association said Wednesday.

The Washington-based group’s seasonally adjusted gauge on overall home loan applications fell 2.9 percent to 356.1 in week ended May 25, which was the lowest reading since the week of Jan. 1, 2016.

The refinance share of mortgage activity decreased to its lowest level since August 2008, 35.3 percent of total applications, from 35.7 percent the previous week.

Interest rates on 30-year fixed-rate “conforming” home loans, whose balances are $453,100 or less, fell to 4.84 percent from prior week’s 4.86 percent, the highest since April 2011, MBA said.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.24 percent from 4.31 percent.