NEW YORK, June 25, 2026, 15:02 (EDT)
- The stock slipped 0.8% to $14.61 in recent trading, backing off from an earlier high of $15.54.
- Rocket shares soared 9.35% Wednesday, with volume at 60.7 million, topping the 50-day average of 25.9 million and more than doubling it.
- Mortgage applications climbed 1% last week. Refinance demand went up 3%. Purchase applications slipped less than 1%.
Rocket Companies Inc NYSE:RKT fell Thursday. Turnover jumped, with about 93 million shares changing hands between Wednesday and the latest Thursday data. That’s roughly 3.6 times the 50-day average daily volume, according to MarketWatch.
The stock saw heavy churn but was little changed from Wednesday’s close. Last quoted at $14.61, it touched $15.54 earlier in the session. Shares ended Wednesday at $14.73, which is 39.53% under the 52-week high of $24.36 set on Jan. 16.
Rocket jumped along with other mortgage and housing names after Congress cleared a bipartisan housing bill, but the move faded when President Donald Trump canceled a scheduled signing on Wednesday. The House passed the bill 358-32; the Senate, 85-5. The legislation would make some environmental reviews for housing projects go faster and cap large Wall Street stakes in single-family homes.
For Rocket, why inventory shifts is key. A supply bill boosts buying only if more homes hit the market. Mortgage numbers were mixed. MBA data showed applications up 1% for the week ending June 19. Refinancing gained 3%. Purchase apps slipped under 1%. The average 30-year mortgage rate held at 6.59%, near the prior week’s 6.60%.
That split matters because Rocket’s earnings move with loan flow. For the first quarter, Rocket reported $49.4 billion in total net rate lock volume and $44.7 billion in closed mortgage loan origination volume. The total gain-on-sale margin was 2.74%. “Rocket is not waiting for the market to get easier,” CEO Varun Krishna said as the results came out. PR Newswire
Redfin, now owned by Rocket, offered another update for housing data this week. Its Home Price Index reported U.S. home prices up 0.3% in May from April and 2.5% higher than a year ago, the quickest yearly gain in six months. Redfin said pending sales have now leveled off as mortgage rates increased in May.
Redfin senior economist Sheharyar Bokhari said lower mortgage rates in the spring helped buyers. Bokhari added that those holding out for prices to drop might need to look for concessions from sellers instead.
Mortgage rates are mostly flat. Freddie Mac said its average 30-year fixed rate edged up to 6.49% from 6.47% this week, while the 15-year increased to 5.84%. The 30-year rate has hovered near 6.5% for about six weeks, AP said.
Rocket is seeing mixed calls from the Street. Google Finance data shows nine analysts have weighed in over the last three months—four with Buy, five at Hold, zero on Sell. On Thursday, KBW’s Bose George stuck with his Buy and a $20 target. Morgan Stanley’s Jeffrey Adelson kept Hold at $18.
Adelson’s Hold rating on Rocket was linked to the company’s rate sensitivity, TipRanks said. He said Rocket would have to see mortgage rates at or under 6% to deliver better earnings growth.
The move wasn’t tracked by the broader market. SPDR S&P 500 ETF Trust NYSEARCA:SPY barely moved, and Invesco QQQ Trust NASDAQ:QQQ gained 0.7% in the last quotes. UWM Holdings Corp NYSE:UWMC added 3.7%. Shares of loanDepot Inc NYSE:LDI dropped 2.5%, while PennyMac Financial Services Inc NYSE:PFSI edged up 0.1%.
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