Refinance dollar volume hits lowest level since 2019

Refinance applications posted their fourth weekly decline, with refi loan count falling to a new record low.

Fannie Mae’s latest refinance application-level index (RALI), which tracks refinance activity and historical trends, showed that dollar volume fell 3.6% for the week ending September 2. Compared to this time last year, the RALI dollar volume was down 78% and was 4.8% below its four-week average.

“Refinance applications decreased for the fourth consecutive week,” said Doug Duncan, chief economist of Fannie Mae. “Since the beginning of August, with mortgage rates moving up, refinance application dollar volume has declined by 18%, reaching its lowest level since January 2019.”