The Market Composite Index, a measure of mortgage loan application volume compiled by the Mortgage Bankers Association, rose nearly 17 percent last week on a seasonally adjusted basis.

The Index rose to 476.7 from 408.1 in the week prior. On an unadjusted basis, the Index increased 29.6 percent compared with the previous week, but was down 30 percent compared with the same week one year earlier.