The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. climbed 8.0 percent in the week ended June 12, following a 9.3 percent surge in the previous week.

According to the report, refinance applications jumped 10.3 percent, while applications to purchase a home increased 3.5 percent.

Meanwhile, the average fixed 30-year mortgage rate fell to a record low 3.30 percent from 3.38 percent.

“The housing market continues to experience the release of unrealized pent-up demand from earlier this spring, as well as a gradual improvement in consumer confidence,” noted MBA economist Joel Kan. “Refinancing continues to support households’ finances, as homeowners who refinance are able to gain savings on their monthly mortgage payments in a still-uncertain period of the economic recovery,” Kan added.