The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. tumbled 9.2 percent in the week ended November 29, following a 1.5 percent climb in the previous week.

According to the report, refinance applications slumped 15.6 percent, while applications to purchase a home rose 0.9 percent

Meanwhile, the average fixed 30-year mortgage rate was unchanged at 3.97 percent.

“U.S. Treasury rates stayed flat last week, as uncertainty surrounding the U.K. elections offset positive domestic news on consumer spending,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “The purchase market overall looks healthy as we enter the home stretch of 2019,” added Kan. “The seasonally adjusted purchase index was at its highest level since July, as a combination of wage gains, slower home-price appreciation, and slightly easing inventory conditions [for new construction] continue to support increased activity.”