The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. surged 9.3 percent in the week ended June 5, following a 3.9 percent drop in the previous week. That was the biggest rise in mortgage applications since the last week of March.

According to the report, refinance applications climbed 11.4 percent, while applications to purchase a home increased 5.3 percent.

Meanwhile, the average fixed 30-year mortgage rate rose to 3.38 percent from a record low 3.37 percent.

“The recovery in the purchase market continues to gain steam, with the seasonally adjusted index rising to its highest level since January,” noted Joel Kan, an MBA economist. “Purchase activity increased for the eighth straight week.”