NEW YORK, March 21, 2026, 12:09 PM EDT
Rocket Companies dropped 6.8% Friday, closing out at $13.65 and trailing its mortgage-finance peers as Wall Street’s pullback hammered rate-sensitive names. UWM Holdings, MGIC Investment, and Radian Group posted losses too, though none slid as steeply. MarketWatch
The decline comes as Rocket moves into the key spring homebuying stretch, and investors are watching to see if purchase activity can offset weaker segments. Freddie Mac reported that the average 30-year fixed mortgage rate in the U.S. rose to 6.22% this week—up from 6.11%—marking the highest level since early December. That uptick pressures affordability and cools refinancing, where homeowners swap out their current mortgage for a new one. Reuters
Just days ago, Keefe, Bruyette & Woods analyst Bose George bumped Rocket up to outperform from market perform, shifting away from his previous neutral view. He also lifted his price target to $22, up from $20. George pointed to the pullback, saying shares “screen favorably” now, and put a 50% total return on the table for the next 12 months. TipRanks
Rocket’s latest figures underpinned the argument. On Feb. 26, the company reported adjusted revenue for the fourth quarter at $2.44 billion, nearly doubling the $1.19 billion seen a year earlier. For the first quarter, Rocket projected adjusted revenue between $2.6 billion and $2.8 billion, adding that its Redfin and Mr. Cooper integration was moving faster than expected. Rocket Companies Investor Relations
Rocket has expanded into a full-spectrum housing platform, covering everything from mortgage lending and home search to title services and loan payment collection, with brands like Rocket Mortgage, Redfin, and Mr. Cooper in the mix. According to Reuters’ company profile, the lineup also features Rocket Homes, Rocket Close, Rocket Money, and Rocket Loans. Reuters
The mood on Friday was unmistakable. Wall Street took a sharp hit, with inflation jitters fueled by the Iran conflict, according to Reuters. Futures markets now see about a 25% chance of a Fed rate hike by December. NAHB Chairman Bill Owens summed it up: “many buyers remain on the fence” amid persistent economic uncertainty and high borrowing costs. Reuters
There are some offsets. Freddie Mac’s chief economist Sam Khater pointed out that buyers are facing “a more affordable spring homebuying season than last.” Earlier in the month, Reuters noted that existing home sales ticked up in February after lower rates at the start of the year coaxed some buyers back. GlobeNewswire
Rocket faces a problem if oil prices remain elevated and bond yields don’t let up—the early momentum could stall out. “The housing market was basically not doing very much,” ING’s James Knightley told Reuters. The stock ended Friday under $14.76, slipping below its post-upgrade bounce on Monday. Reuters
