Fannie Mae's Refinance Application-Level Index (RALI) is a weekly series sourcing data from our automated underwriting system, Desktop Underwriter (DU), to provide the market timely, comprehensive, and ongoing tracking of refinance activity and historical trends. For the week ending July 22, 2022, the dollar volume of refinance applications decreased 2.4% week-over-week. RALI dollar volume is down 79.7% compared to the same week last year. RALI count decreased 2.0% week-over-week and is down 77.7% compared to the same week last year.
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"Refinance application activity was down slightly last week. The dollar volume and loan count have both fallen significantly this year, as we’ve moved into a higher mortgage rate environment," said Doug Duncan, Fannie Mae Chief Economist. "However, compared to the fourth quarter of 2018 – the most recent trough in the refinance market – refi dollar volumes remain meaningfully higher, consistent with the substantial home price appreciation we’ve seen over the past few years."
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RALI for the week ending July 29 is scheduled for release on Tuesday, August 2 at 10 a.m.
To read the full release, including more charts and methodology, click here [3].