The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume fell 5.6 percent for the week ended April 5, following an 18.6 percent surge in the previous week. However, applications were still 24 percent higher compared with the same week one year ago.

According to the report, refinance application declined 11.4 percent while applications to purchase a home increased 0.5 percent. 

Meanwhile, the average fixed 30-year mortgage rate rose to 4.40 percent from 4.36 percent.