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 ($) Percent Change for Week Ending December 2, 2022
Week over Week
Year over Year
For the week ending December 2, 2022, which followed a week shortened by the Thanksgiving holiday, the dollar volume of refinance applications increased 61.6 percent week over week. RALI dollar volume is down 84.1 percent compared to the same week last year. RALI count increased 62.2 percent week over week and is down 82.7 percent compared to the same week last year.
Note: RALI for the week ending December 9 is scheduled for release on Tuesday, December 13 at 10 a.m. ET. Please consult our publication calendar for additional information.
Comment from Doug Duncan, Fannie Mae Chief Economist:
"As expected, refinance applications rebounded significantly following the previous week’s holiday-driven contraction. The rebound was larger than the average 57 percent weekly increase seen during the post-Thanksgiving weeks between 2015 and 2021 and returned the RALI to just below its level from before the holiday-shortened week. While mortgage rates have fallen somewhat in the past three weeks, the share of outstanding loans with incentive to refinance has remained low, and so has the overall level of refinancing activity."
Historical Comparisons – RALI ($) 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.
Updated data for the week ending October 21, 2022, correcting understatements in the originally reported RALI count and dollar volume measures, is available here.
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.