I have created a working Mock for Axios:

// __mocks__/axios.js
// Based on https://jestjs.io/docs/manual-mocks

const axios = jest.createMockFromModule("axios");
const log = console.log.bind(console);

axios.create = () => {
  log(`Running axios.create`);
  return {
    get: () => {
      log(`Running get`);
      return {
        status: 500,
        statusText: "Internal Server Error",
        body: {
          onFire: "Mock API response from mock axios module",
        },
      };
    },
  };
};

module.exports = axios;

This works fine in my tests - the mock is loaded automatically and the 'throws an error' test works:

describe(`getLatestPrice`, () => {
  it(`throws an error when the response is bad`, async () => {
    expect(() => {
      log(`Should throw`);
      return getLatestPrice(assetCode);
    }).toThrow();
  });

  it(`gets a single price by stream code`, async () => {
    // Disabling the mock isn't working
    jest.unmock("axios");
    const price = await getLatestPrice(assetCode);
    log(`price`, price);
    expect(price).toEqual({
      ...
    });
  });
})

However the second test - which calls jest.unmock() - still uses the mocked library.

How can I disable mocking for a single test?

Update: reading https://github.com/facebook/jest/issues/2649 I've also tried using requireActual() to override the mock:

const actualAxios = jest.requireActual("axios");
const mockAxios = require("axios");
mockAxios.create = actualAxios.create;

But calls to axios.create() still invole the mock.