Refinance dollar volume hit lowest level since refi slowdown

Fannie Mae reported a 21.8% week-over-week decline in its RALI dollar volume. The index was down 83.8% from the same week last year, and its four-week average was down 9.4%. The RALI count fell 19.8% week over week and was down 82.7% from a year ago.

“With mortgage rates now sharply higher compared to this time last year, the RALI reached its lowest level since the refi slowdown in January 2014,” Fannie Mae chief economist Sam Khater said.

The RALI dollar volume was 22.3% below the refinance levels during the refi slowdown in the fourth quarter of 2014. Compared to the refi boom, it was down 88.7%.