Mortgage rates held steady in the past week after a steep decline the week before.

According to the latest Freddie Mac Primary Mortgage Market Survey, the average 30-year fixed mortgage rate was 4.08 percent for the week ending April 4. That was up slightly from 4.06 percent the week before. Last year, 30-year rates averaged 4.40 percent.

Last week’s average 15-year fixed rate was 3.56. That was a slight decrease from the 3.57 percent rate the week before. A year ago at this time, the average 15-year rate was 3.87 percent.

The average rate for 5-year adjustable-rate mortgages was 3.66 percent last week. It was 3.75 percent the week before and 3.62 percent the year before.

“Purchase mortgage application demand saw the second highest weekly increase over the last year and thanks to a spike in refinancing activity, overall mortgage demand rose to the highest level since the fall of 2016,” said Sam Khater, Freddie Mac’s chief economist.

“While the housing market has faced many head winds the last few months, it sailed through the turbulence to calmer seas with demand buttressed by a strong labor market and low mortgage rates. The benefits of the decline in mortgage rates that we’ve seen this year will continue to unfold over the next few months due to the lag from changes in mortgage rates to market sentiment and ultimately home sales.”