The Mortgage Bankers Association's (MBA) Market Composite Index (MCI) increased 7.5% on a seasonally adjusted basis for the week ended Aug. 21, driven by refinancings, which zoomed even as the average rate for the 30-year fixed rate mortgage increased nine basis points.

The Refinance Index gained 12.7% after rising by 7%, dropping by 7% and rising again by 7% in the previous three weeks. On an unadjusted basis, the MCI increased 6.3% compared with the previous week and 34.1% compared with the same week one year earlier.

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