Rocket Companies Stock Sinks as High Mortgage Rates Hurt Results, Outlook [Yahoo! Finance]
Rocket Companies, Inc. Class A (RKT)
Company Research
Source: Yahoo! Finance
CEO Varun Krishna said even though the Federal Reserve cut interest rates, they didn't come down for home loans. CFO Brian Brown explained that Rocket expects the mortgage market in the current quarter to be smaller than it was in the third quarter. Rocket Companies ( RKT ) shares tumbled 10% Wednesday, a day after the online financial platform badly missed revenue estimates and gave soft guidance as the housing market continued to be squeezed by high borrowing costs. The mortgage provider's revenue plunged 46% year-over-year to $647 million, about half of what analysts surveyed by Visible Alpha had expected. Adjusted earnings per share (EPS) of $0.08 was in line with forecasts. The revenue decline came despite Rocket's net rate lock volume jumping 43% to $29.8 billion. Gain on sale margin increased 2 basis points (bps) to 2.78%. However, that was down from 2.99% in the second quarter. "Over the past few months, the market has thrown our industry almost every curveball imag
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News
- Today's Mortgage Rates | Rates May Remain Above 6% Next Year [Business Insider]Business Insider
- Today's Mortgage Rates | Rates Still Haven't Moved Much [Business Insider]Business Insider
- Today's Mortgage Rates | Rates Up as Investors Remain Uncertain About December Fed Cut [Business Insider]Business Insider
- Today's Mortgage Rates | Why Are Rates So Stubbornly High? [Business Insider]Business Insider
- Today's Mortgage Rates | What if the Fed Doesn't Cut Rates in December? [Business Insider]Business Insider
RKT
Earnings
- 11/12/24 - Miss
RKT
Sec Filings
- 11/14/24 - Form SC
- 11/12/24 - Form 8-K
- 11/12/24 - Form 10-Q
- RKT's page on the SEC website