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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 September 23, 2022

For the week ending September 23, 2022, the dollar volume of refinance applications decreased 8.3 percent week over week. RALI dollar volume is down 80.8 percent compared to the same week last year. RALI count decreased 8.3 percent week over week and is down 79.7 percent compared to the same week last year.

Note: RALI for the week ending September 30 is scheduled for release on Tuesday, October 4 at 10 a.m. ET. Please consult our publication calendar for additional information.

Comment from Doug Duncan, Fannie Mae Chief Economist:
"Refinance applications decreased again last week. With mortgage rates having moved sharply higher since mid-August, the RALI, both in dollar volume and loan count, has now dipped below the average level of the previous refi slowdown of Q4 2018."

Historical Comparisons – RALI ($) Percent Difference

*Change in the average RALI dollar volume for the last four weeks over the average for the four weeks ending a week earlier.

Learn more: Access the latest RALI data, methodology, and FAQs, or sign up for notifications.

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.

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