The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. decreased 0.6 percent in the week ended November 27, following a 3.9 percent climb in the previous week.

According to the report, refinance applications declined 4.6 percent, while applications to purchase a home surged 9.0 percent.

Meanwhile, the average fixed 30-year mortgage rate remained unchanged at 2.92 percent, a survey low.

“Purchase activity continued to show impressive year-over-year gains, with both the conventional and government segments of the market posting another week of growth,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “Housing demand remains strong, and despite extremely tight inventory and rising prices, home sales are running at their strongest pace in over a decade.”