The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. jumped 8.1 percent in the week ended January 29, following a 4.1 percent plunge in the previous week.

According to the report, refinance applications climbed 11.4 percent, while applications to purchase a home edged up 0.1 percent.

Meanwhile, the average fixed 30-year mortgage rate fell from 2.95 percent to 2.92 percent.

“The one-week reversal in the recent upswing in rates drove an increase in both conventional and government refinance activity, as borrowers continue to lock in these historically low rates,” noted Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “MBA’s refinance index hit its highest level since March 2020 and jumped 60 percent year-over-year.”