NEW YORK, March 12, 2026, 17:52 EDT
Rocket Companies dropped roughly 3.7% Thursday, pressured by mortgage rates climbing past 6% and a strong wave of selling across Wall Street. Shares closed at $14.58, notching a third straight day in the red.
That’s crucial for Rocket: lower rates typically unlock stronger spring demand, covering both homebuying and refis. Freddie Mac reported the average 30-year fixed mortgage rate climbed to 6.11% from last week’s 6.00%. Still, Chief Economist Sam Khater noted, “buyers are responding to rates in this range,” highlighting a 1.7% jump in February existing-home sales and steadier purchase applications. Freddie Mac
It was a rough session for stocks. The Nasdaq slid 1.78%, hammered by spiking oil and renewed inflation jitters. Mortgage names took a hit too—shares in UWM Holdings were down 4.6%, PennyMac Financial slid 3.5%.
Still, the housing data painted a mixed picture. Redfin—using Rocket’s platform—reported a 0.5% bump in new U.S. listings over the four weeks through March 8, marking the first annual gain since November. Omaha agent Justin Gomez chimed in: “I’ve already seen a few bidding wars on lower-priced homes.” Redfin
Redfin reported Thursday that 19.8% of mortgaged homeowners could lower their payments by refinancing at the current average mortgage rate of 6.08%—the highest proportion in over four years. Yet so far, just 9.1% of those who qualify have gone ahead and refinanced. Rocket’s chief business officer, Bill Banfield, pointed out that even a slight rate drop can trim down both monthly payments and total interest. Still, investors remain uncertain: how much of Rocket’s next leg will be driven by purchase activity, and how much by a genuine refi revival?
Rocket’s numbers, at least on paper, have shown some strength. On Feb. 26, the company posted adjusted fourth-quarter revenue of $2.44 billion, topping even the high end of its own outlook. For the first quarter, Rocket is projecting between $2.6 billion and $2.8 billion.
The update also doubled as a wider housing pitch. According to Rocket and Compass, their three-year partnership could bring over 500,000 extra listings onto Redfin, generate upwards of 1 million buyer inquiries for Compass agents, and provide select clients with either a one-point mortgage rate reduction for the first year or as much as $6,000 in lender credits. “When barriers are removed and supply grows, affordability improves,” said Chief Executive Varun Krishna. Rocket Companies
The immediate hazards are hard to miss. This week, Redfin economist Chen Zhao flagged the potential for oil price surges to bump headline inflation up to 3% in March, which could keep mortgage rates unsettled. Meanwhile, a Redfin-Ipsos survey found that one out of every four Americans is putting off or scrapping a major purchase—like a home or car—due to the Iran conflict.
Rocket spent the past year stitching together a bigger platform through a string of deals and partnerships. In March 2025, Reuters said the company struck a $1.75 billion agreement to acquire Redfin. Not long after, Rocket completed its $14.2 billion buyout of Mr. Cooper, snapping up a major mortgage servicing operation. The question hanging over the stock now: can this expanded setup outpace another bout of rate pressure?
