Fannie Mae announced it has launched the Refinance Application-Level Index (RALI), a weekly series that tracks refinance activity and historical trends.
The RALI sources data from Fannie Mae’s automated underwriting system Desktop Underwriter® (DU®), to provide lenders, investors, and other market participants with increased transparency on the past week’s refinance application trends to support “more refined” prepayment projections, the GSE said in its press release.
It provides two measures, a dollar volume measure of unpaid principal balance (RALI ($)) and a loan count measure (RALI (count)). The RALI will be published weekly on Tuesdays.
The edition for the week ending June 10 showed that the dollar volume of refinance applications increased 17.9% week over week. RALI dollar volume was down 69.5% compared to the same week last year. RALI count increased 16.2% week over week and was down 68.6% compared to the same week last year.