The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 0.3 percent in the week ended November 13, following a 0.5 percent drop in the previous week.

According to the report, applications to purchase a home rose 3.5 percent, while refinance applications decreased 1.8 percent.

Meanwhile, the average fixed 30-year mortgage rate edged up to 2.99 percent from a record low level of 2.98 percent.

“Housing demand remains supported by the ongoing recovery in the job market, and an increased appetite from households seeking more space because of the pandemic,” noted Joel Kan, MBA’s associate vice president of economic and industry forecasting.