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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 August 9, 2024

Week over Week

+32.8%

Year over Year

+94.4%

4-Week Average*

+13.9%

For the week ending August 9, 2024, the dollar volume of refinance applications increased 32.8 percent week over week. RALI dollar volume is up 94.4 percent compared to the same week last year. RALI count increased 22.8 percent week over week and is up 58.2 percent compared to the same week last year.

Note: RALI for the week ending August 16 is scheduled for release on Tuesday, August 20 at 10 a.m. ET. Please consult our publication calendar for additional information.

Comment from Mark Palim, Fannie Mae Deputy Chief Economist:
"With mortgage rates on the decline, refinance activity increased by over 32% last week, as measured by our Refinance Application-Level Index, after rising by 21% in the prior week. In fact, last week, total refinance activity hit a level not seen since August 2022, when mortgage rates were closer to 5%. Our data show that as of the end of June approximately 88% of Fannie Mae single-family mortgage borrowers had a note rate less than 6%, and approximately 81% had a rate below 5%. This indicates to us that, while refi activity is up significantly over the last couple weeks, most borrowers would need mortgage rates to move much lower before they’re incentivized to refinance."

Historical Comparisons – RALI ($) Percent Difference

October 2023**

+150.8%

Q3 2020 "Refi Boom"

-80.1%

Q4 2018 "Refi Slowdown"

+36.9%

*Change in the average RALI dollar volume for the last four weeks over the average for the four weeks ending a week earlier.
**5-week period from the week ending October 6, 2023, through the week ending November 3, 2023.

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 & 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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