Mortgage application volume rose 32.2 percent during the week ended Jan. 4, following three consecutive weeks of sharp decreases, according to the Mortgage Bankers Association’s weekly application survey, the Associated Press reported.

The MBA’s application index jumped to 706 from 533.9 the previous week. With both weeks being shortened by holidays, the index can be more volatile, as volume tends to be smaller and seasonal adjustments are made. During the same period the previous year, the application index climbed 16.6 percent.

Application volume is still 13 percent lower than it was four weeks earlier when it began a run of steady declines. The index stood at 811.8 for the week ended Dec. 7. Refinance volume rose 53.9 percent during the week ended Jan. 4, while purchase volume increased 14.7 percent. Refinance applications accounted for 57.7 percent of total applications, compared with 50.9 percent the previous week.

Interest rates on fixed-rate loans tumbled while application volume jumped. The average interest rate for traditional 30-year fixed-rate mortgages dropped to 5.73 from 6.05 percent the previous week. The average interest rate for 15-year fixed-rate mortgages, which are often used to refinance mortgages, fell to 5.21 percent from 5.61 percent the prior week.