Shares of U.S. homebuilders dropped on Wednesday after data showed mortgage applications decreased in the latest week, at a time when concerns of a slowdown in the housing industry is already worrying investors.

Shares of D.R. Horton Inc (DHI.N), Lennar Corp (LEN.N), PulteGroup Inc (PHM.N), Toll Brothers Inc (TOL.N) fell about 4 percent while those of KB Home (KBH.N) and Meritage Homes Corp (MTH.N) fell about 5 percent, ahead of a Federal Reserve statement widely expected to raise interest rates.

The Fed has raised rates three times last year and once this year.

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