Last week, the number of Americans applying for mortgages dropped 13.7 % when compared to the week prior, according to a report released today by the Mortgage Bankers Association (MBA). The study showed refinance mortgage applications fell nearly 17 %, while applications from those looking to purchase a home dipped 7.6 %.

According to Quicken Loans Chief Economist Bob Walters, the decline may be due, in part, to people waiting for the best possible interest rate.

“As we get deeper into the fall season, we find more people focused on pumpkins and apple orchards than on home finances,” Walters said. “However, consumers must be mindful that the first-time homebuyer credit will soon expire and nobody is sure how long the Fed will keep its funds rate at its current level. Consumers waiting and playing the rate game may be in for a fright if they do not take action soon.”