The Mortgage Bankers Association (MBA) reported on Wednesday that mortgage application volume climbed 18.6 percent in the week ended March 29, following an 8.9 percent gain in the previous week. It is the biggest rise since the week ended January 4.  Volume was 28 percent higher than a year ago.

According to the report, refinance application increased 38.5 percent, to the highest level since January 2016, and applications to purchase a home advanced 3.4 percent. 

The average fixed 30-year mortgage rate decreased by 9 basis points to 4.36 percent. The rate was 33 basis points higher than a year ago.