The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. rose 2.4 percent in the week ended May 17, following a 0.6 percent decrease in the previous week.

According to the report, the refinance applications surged 8.3 percent, while applications to purchase a home dropped 2.0 percent.

Meanwhile, the average fixed 30-year mortgage rate decreased to 4.33 percent from 4.40 percent.

“Mortgage rates fell for the fourth straight week, with the 30-year fixed rate mortgage hitting its lowest level since January 2018, leading to a rebound in refinances,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “Once again there was an increase in average refinance loan sizes, as borrowers with larger balances responded accordingly to lower rates.”