Various types of home loans are seeing an increase in applications on the heels of mortgage rates inching lower.

Total mortgage application volume rose 10.9% from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The interest rate for the most popular U.S. home loan dropped to 6.67% last week, the lowest rate since early April, triggering a rush of homeowners seeking to lock in cheaper financing on existing mortgages but doing relatively little to draw new homebuyers into the market.

Mortgage rates fell last week on the back of reports of a weakening job market. Homeowners jumped on the opportunity, driving up demand for refinances. The 30-year fixed-rate mortgage fell 10 basis points,

The rate on a 30-year fixed refinance rose to 6.6% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.51%. On a 20-year mortgage refinance, the average rate is 6.

Composite Index: +10.9% vs. +3.1% a week ago 30-year fixed-rate mortgages came in at 6.67%, compared to 6.77% last week