Refinance Application-Level Index
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.
RALI ($) Percent Change for Week Ending February 3, 2023
Week over Week
Year over Year
For the week ending February 3, 2023, the dollar volume of refinance applications increased 6.5 percent week over week. RALI dollar volume is down 77.2 percent compared to the same week last year. RALI count increased 5.2 percent week over week and is down 76.1 percent compared to the same week last year.
Note: RALI for the week ending February 10 is scheduled for release on Tuesday, February 14 at 10 a.m. ET. Please consult our publication calendar for additional information.
Comment from Doug Duncan, Fannie Mae Chief Economist:
"Refinance applications increased this week and have rebounded by approximately 30 percent since the beginning of November. However, with rates much higher today than they were this time last year, refinancing activity remains nearly 80 percent lower on a year-over-year basis."
Historical Comparisons – RALI ($) Percent Difference
Q3 2020 "Refi Boom"
Q4 2018 "Refi Slowdown"
*Change in the average RALI dollar volume for the last four weeks over the average for the four weeks ending a week earlier.
Opinions, analyses, estimates, forecasts, and other views of Fannie Mae's Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae's business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.