The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. surged 9.6 percent in the week ended November 8, following a 0.1 percent decrease in the previous week.

According to the report, applications to purchase a home went up 5.1 percent, while refinance applications jumped 12.9 percent.

Meanwhile, the average fixed 30-year mortgage rate rose to 4.03 percent from 3.98 percent.

“Positive data on consumer sentiment, and growing optimism surrounding the U.S. and China trade dispute, were behind last week’s rise in the 30-year fixed mortgage rate,” noted Joel Kan, the MBA’s associate vice president of economic and industry forecasting. “With rates still in the 4% range, we continue to expect to see moderate growth in refinance activity in the final weeks of 2020.”