The Mortgage Bankers Association said U.S. mortgage activity remained robust as interest rates have dropped to record lows.

The Market Composite Index, which measures mortgage loan application volume, rose from 1,159.4 to a week ago to 1,194.4 in the week ending March 27, a 3 percent increase, the MBA said.

The Refinance Index also increased, up 3.7 percent to 6,600.1, the MBA said.

The average interest rate for 30-year, fixed-rate mortgages decreased from 4.63 percent to 4.61 percent with points falling from 1.13 to 1.03.

Rates for the average 15-year, fixed-rate mortgage fell from 4.48 percent to 4.45 percent. Points in 15-year, fixed-rate mortgages fell from 1.07 to 1.04.

The average interest rate for one-year adjustable rate mortgages fell from 6.22 percent with an average 0.15 points to 6.2 percent with 0.14 points, the report said.