U.S. Mortgage Bankers Association (MBA) said on Thursday that mortgage applications for new home purchases decreased 11 percent from a year ago in November, as affordability problem and market volatility put significant drag on the purchase.

Compared to previous month, new home purchases mortgage applications declined by 14 percent, said MBA.

MBA estimated that new single-family home sales were at an annual rate of 627,000 units in November, which dropped 6.8 percent from the October reading of 673,000 units.

"By our estimates, new home sales fell almost 7 percent in November, and were about 5 percent lower than a year ago," said Joel Kan, associate vice president of economic and industry forecasting of MBA.

MBA also estimated that there were 45,000 new home sales in November, which dropped 15.1 percent from 53,000 new home sales in the previous month.

"Despite a still-strong job market and recent declines in mortgage rates, affordability challenges continue to hold back sales activity, as wage growth still lags behind home-price growth," said Kan.

"Additionally, recent stock market volatility and some economic uncertainty likely also contributed to the pullback in home sales in November," Kan added.