As borrowing costs slipped to their lowest point in nearly a month, home loan applications notched a corresponding uptick, according to weekly data from the Mortgage Bankers Association (MBA).

The MBA’s Market Composite Index, a measure of mortgage loan application volume, rose 2.8% on a seasonally adjusted basis for the week ending Feb. 13, led by a gain in refinance activity that accounted for 57.4% of total application volume, up 1% from the prior week.

“Refinance applications increased across all loan types, marking the strongest week for refinancing since mid-January,” said Joel Kan, deputy chief economist at the MBA, in commentary accompanying the data.

The seasonally adjusted purchase index declined 3% from the previous week, while the unadjusted purchase index rose 3%, landing about 8% higher than the same week one year ago as homebuyer demand remains sluggish.

Average rates for 30-year fixed-rate mortgages with conforming loan balances slid four basis points over the week to 6.17%, according to MBA data, while average rates for 30-year fixed-rate loans insured by the Federal Housing Administration (FHA) dipped to 5.99% from 6.01% the previous week.

Yields on U.S. Treasurys that ended last week lower “as weaker data on retail sales and home sales outweighed better-than-expected readings on the job market for January” accounted for the slight improvement in financing costs, according to Kan.

The FHA share of total applications was unchanged from the prior week at 18.4%, while the share of applications for loans backed by the Department of Veterans Affairs notched a slight gain to 16.5%, from 16% a week earlier.