The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. surged 3.9 percent in the week ended November 20, following a 0.3 percent decrease in the previous week.

According to the report, refinance applications climbed 4.5 percent, while applications to purchase a home rose 3.5 percent.

Meanwhile, the average fixed 30-year mortgage rate fell from 2.99 percent to a survey low of 2.92 percent.

“Weekly mortgage rate volatility has emerged again, as markets respond to fiscal policy uncertainty and a resurgence in Covid-19 cases around the country,” noted Joel Kan, MBA’s associate vice president of industry and economic forecasting.