The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. rose 0.5 percent in the week ended October 11, following a 5.4 percent gain in the previous week.

According to the report, refinance applications climbed 3.6 percent, while applications to purchase a home fell 4.1 percent.

Meanwhile, the average fixed 30-year mortgage rate increased to 3.92 percent from 3.90 percent.

“Purchase applications slowed for the second week in a row,” noted Joel Kan, the MBA’s associate vice president of economic and industry forecasting. “While near-term economic uncertainty is still a factor, other fundamental issues, such as a lack of housing inventory in many markets, is preventing purchase activity from meaningfully rising.”