The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. climbed 4.2 percent in the week ended June 11, following a 3.1 percent fall in the previous week. This marked the first weekly gain in total mortgage application volume since the week ended 14.

According to the report, refinance applications surged 5.5 percent, while applications to purchase a home rose 1.1 percent.

Meanwhile, the average fixed 30-year mortgage rate decreased from 3.15 percent to 3.11 percent, the lowest in five weeks.

“Treasury yields have slid because of the uncertainty in the financial markets regarding inflation and how the Federal Reserve may act over the next few months,” noted Joel Kan, MBA’s associate vice president of economic and industry forecasting.