Mortgage applications dropped 9.4 percent during the week of Thanksgiving from the week before, according to a Mortgage Bankers Association (MBA) survey released yesterday.

The numbers included an adjustment to account for the holiday.

Refinance activity decreased to 55.1 percent of total applications from 58.2 percent the previous week, according to the survey.

The decline is largely attributable to the recent rise in mortgage interest rates, the MBA said in a statement. The survey reports the average rate for a 30-year, fixed rate conforming loan is 4.23 percent. For a jumbo loan, it’s 4.18 percent. The results are the highest rates have been since July 2015, according to the MBA.

With mortgage rates at historic lows for so long, the uptick in rates and resulting drop-off in refinance activity was widely expected.

“We don’t see a bubble in the market,” Brian Koss, executive vice president and head of production at Mortgage Network, said of the dip in purchase applications. “But that doesn’t mean that there isn’t room for a correction. We’re not seeing the crazy, multiple-bid situations in the bedroom communities like we used to.”

The presidential election has left some potential buyers uncertain about making home purchases, but the amount of pre-approval activity is still “decent,” he said.

“People have held off somewhat,” Koss said. “As a whole, we’re not concerned the election will put a shock on the market. Some industries will be hurt, but there are enough other industries that will get some tailwind from this. All in all there could be more good than bad.”