Mortgage applications increased 11.2% on a seasonally adjusted basis for the week ending on March 7 from the previous week, according to the Mortgage Bankers Association (MBA). Refinances increased 16% from the previous week and were 90% higher than the same week one year ago.

Mortgages for home purchases increased 7% on a seasonally adjusted basis from the previous week and was 4% higher than the same week one year ago, according to the MBA, which does a weekly survey on mortgage applications.

Interest rates have been on a steady downward decline over the past seven weeks. Freddie Mac reported last week interest rates for that the 30-year fixed rate mortgage fell to 6.63% from 6.76% the week before, the steepest one week decline since September.

Mortgage applications have seen a corresponding increase, including a 20% jump in last week’s survey. The rate drop is spurring the increase in mortgage applications, said Joel Kan, MBA’s vice president and deputy chief economist, in a statement.

“As a result, applications increased over the week and were up 31% from a year ago,” Kan said. “As we enter the spring homebuying season, the purchase index was more than 4% higher than a year ago, and activity was up across all loan categories.”

Average loan sizes hit $468,000, the highest since the survey has been conducted, dating back to the 1990s, Kan said.

The refinance share of mortgage activity grew to 45.6%of total applications from 43.8% the previous week. The adjustable-rate mortgage share of activity increased to 7.2% of total applications.

The Federal Housing Administration share of total applications decreased to 16.1% from 16.7% the week prior. The U.S. Department of Veterans Affairs share of total applications increased to 15.9% from 14.6% the week prior. The U.S. Department of Agriculture share of total applications decreased to 0.4% from 0.5% the week prior.