Fannie Mae: Refinance dollar volume now lower than pre-pandemic levels

Fannie Mae’s Refinance Application-Level Index, which tracks refinance activity trends, fell 6.3% week over week as rising mortgage rates continue to dampen housing demand.

“Refinance application dollar volume continued its downward trend last week, ending at the lowest point this year for a non-holiday-shortened week, as mortgage rates moved higher,” said Fannie Mae chief economist Doug Duncan.

Year over year, the dollar volume of refinance applications was down 70.8% for the week ending June 17. The RALI dollar volume was also 79.6% below the refi boom peak in 2020, and down 2.6% from the pre-pandemic average.