Refinance Application-Level Index
Fannie Mae's Refinance Application-Level Index (RALI) is a set of weekly indices 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.
Total RALI ($) Percent Change for Week Ending February 13, 2026
Week over Week
+9.9%
Year over Year
+129.8%
4-Week Average*
-6.7%
Rate-Term Refinance Dollar Volume as a Share of Total Dollar Volume
63.6%
For the week ending February 13, 2026, the dollar volume of all refinance applications increased by 9.9 percent week over week. Total RALI dollar volume is up 129.8 percent compared to the same week last year. Total RALI count is up 7.0 percent week over week and is up 88.8 percent compared to the same week last year. Rate-term refinance dollar volume accounted for 63.6 percent of total dollar volume in the week.
*Change in the average RALI dollar volume for the last four weeks over the average for the four weeks ending a week earlier.
Note: RALI for the week ending February 20 is scheduled for release on Tuesday, February 24 at 10 a.m. ET. Please consult our publication calendar for additional information.
Rate-Term RALI ($) and Cash-Out RALI ($)
Rate-Term Week over Week
+16.0%
Rate-Term Year over Year
+339.6%
Cash-Out Week over Week
+0.7%
Cash-Out Year over Year
+25.4%
Learn more: Access the latest RALI data, methodology, and FAQs, or sign up for notifications.
Opinions, analyses, estimates, forecasts, beliefs, and other views of Fannie Mae's Economic and 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, beliefs, 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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