The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. rose 0.5 percent in the week ended February 26, following a 11.4 percent plunge in the previous week. This marked the first weekly gain in the last four weeks.

According to the report, applications to purchase a home rose 1.8 percent, while refinance applications edged up 0.1 percent.

Meanwhile, the average fixed 30-year mortgage rate climbed from 3.08 percent to 3.23 percent, the highest since the week ended July 5.

“Mortgage rates jumped last week on market expectations of stronger economic growth and higher inflation,” noted Joel Kan, MBA’s associate vice president of economic and industry forecasting. “The 30-year fixed-rate experienced its largest single-week increase in almost a year, reaching the highest [level] since July 2020.”