The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 0.5 percent in the week ended November 6, following a 3.8 percent climb in the previous week.

According to the report, applications to purchase a home decreased 2.6 percent, while refinance applications rose 0.6 percent.

Meanwhile, the average fixed 30-year mortgage rate declined to a survey low of 3.01 percent from 3.01 percent.

“The purchase market continued its recent slump, with the index decreasing for the sixth time in seven weeks to its lowest level since May 2020,” noted Joel Kan, an MBA economist. “Inadequate housing supply is putting upward pressure on home prices and is impacting affordability - especially for first-time buyers and lower-income buyers.”