The volume of mortgage applications across the country climbed 48.1 percent during the past week, driven by a spike in refinancings, the Mortgage Bankers Association said Wednesday.

Application volume was up 41.1 percent compared with the same week a year ago, the association said.

Refinancing activity increased 82.2 percent during the past week, according to the survey. Mortgages for purchases increased 10.4 percent during the past week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.74 percent from 5.98 percent, with points increasing to 1.13 from 0.90 (including the origination fee) for 80 percent loan-to-value ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.23 percent from 5.24 percent, with points increasing to 1.15 from 0.97 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs increased to 7.02 percent from 6.99 percent, with points increasing to 1.71 from 1.64 (including the origination fee) for 80 percent LTV loans.