The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. rose 2.7 percent in the week ended May 3, following a 4.3 percent decrease in the previous week.

According to the report, the refinance applications increased 0.8 percent and applications to purchase a home surged 4.2 percent.

Meanwhile, the average fixed 30-year mortgage rate decreased to 4.41 percent from 4.42 percent.

“Even with slower price appreciation in higher-priced markets, home prices are still rising enough to push average loan sizes higher,” said Joel Kan, an MBA economist. “With purchase activity increasing and mortgage rate movements mostly unchanged, the refinance share of applications were at their lowest level since last November.”