The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. surged 15.3 percent in the week ended March 27, following a 29.4 percent plunge in the previous week.

According to the report, refinance applications climbed 25.5 percent, while applications to purchase a home decreased 10.8 percent.

Meanwhile, the average fixed 30-year mortgage rate fell to 3.47 percent from 3.82 percent. That was the lowest level in the MBA's survey.

"Mortgage rates and applications continue to experience significant volatility from the economic and financial market uncertainty caused by the coronavirus crisis," noted Joel Kan, MBA's associate vice president of economic and industry forecasting. "The bleaker economic outlook, along with the first wave of realized job losses reported in last week's unemployment claims numbers, likely caused potential homebuyers to pull back," he added.