Refinance Activity Index
When rates drop, homeowners rush to refinance. When they rise, it goes quiet.
Refinance applications are up 17% compared to a year ago. Five years ago, volume was 72% higher, and today's activity sits at just 16% of its all-time peak.
Latest
125.4
Apr 17, 2026
All-Time Peak
800
Mar 6, 2020
% of Peak
16%
vs Year Ago
+17%
Last updated April 27, 2026
About This Index
This chart tracks actual weekly refinance applications from Fannie Mae's Refinance Application-Level Index (RALI). These aren't survey responses or estimates. They're real loan applications submitted through Fannie Mae's system.
The pattern makes sense when you think about it. When rates drop, homeowners rush to lock in lower payments and you see those big spikes in the chart. When rates rise, refinancing dries up almost immediately because there's no reason to swap a lower rate for a higher one.
That massive peak in early 2020? That was when the Fed cut rates during COVID and mortgages briefly fell below 3%. If you're wondering why today's activity is a fraction of that, it's because most homeowners already hold rates well below what they could get now.
Frequently Asked Questions
What is the refinance activity index?
It's a weekly count of refinance applications submitted through Fannie Mae's system (they call it the RALI). Unlike survey data, these are actual loan applications from real borrowers.
When do refinance applications increase?
When rates drop meaningfully below what homeowners are currently paying. The biggest surges happen when rates fall quickly, like in 2020 when they dropped below 3% and seemingly everyone refinanced at once.
Why is refinance activity so low right now?
Most homeowners locked in rates between 2.5% and 4% during 2020 to 2022. With rates above 6% now, refinancing would mean swapping a lower rate for a higher one. There's just no reason to do it.
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