The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. climbed 2.8 percent in the week ended August 6, following a 1.7 percent drop in the previous week.

According to the report, refinance applications surged 3.2 percent, while applications to purchase a home increased 1.8 percent.

Meanwhile, the average fixed 30-year mortgage rate rose from 2.97 percent to 2.99 percent.

“Mortgage applications rebounded last week, including an increase in purchase applications for the first time in nearly a month,” noted Joel Kan, MBA Associate Vice President of Economic and Industry Forecasting. “Rates slightly rose but remained below 3 percent, driven by an end-of-week increase in the 10-year Treasury yield following the positive July jobs report.”