The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. rose 1.1 percent in the week ended February 7, following a 5.0 percent surge in the previous week.

According to the report, refinance applications jumped 5.0 percent, while applications to purchase a home fell 5.8 percent.

Meanwhile, the average fixed 30-year mortgage rate edged up to 3.72 percent from 3.71 percent.

"The mortgage market continues to be active in early 2020, as applications increased for the third straight week. Rates also rose, but still remained close to their lowest levels since October 2016," noted Joel Kan, an MBA economist. "The refinance index climbed to its highest level since June 2013, and refinance loan sizes also increased as a result of an active jumbo lending market."