Rocket Companies, Inc., a fintech company, engages in the mortgage, real estate, and personal finance businesses in the United States and Canada. It operates in two segments, Direct to Consumer and Partner Network. The company offers Rocket Mortgage, a mortgage lender service; Redfin, a digital real estate brokerage and home search platform; Rocket Close, a digital experience for appraisal management, settlement, and title services; Rocket Money, a finance app that offers a suite of financial wellness services including subscription cancellation, budget management and credit score improvement; and Rocket Loans, a platform for personal loan. It also originates, closes, sells, and services agency-conforming loans; and provides Rocket Pro that works with mortgage brokers, community banks, and credit unions, to maintain own brand and client relationships. Rocket Companies, Inc. was founded in 1985 and is headquartered in Detroit, Michigan. Rocket Companies, Inc. was formerly a subsidiary of Rock Holdings Inc.
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Home-Purchase Cancellations Hit Highest Level in Nearly 3 Years
Redfin reports that 14% of U.S. home-sale agreements that went under contract in July fell through, the highest share since November 2023 and up from 13.7% a month earlier. The increase reflects a market where buyers have more power, with the number of U.S. homebuyers dropping to a record low and a near-record 51% more sellers than buyers. Affordability challenges, including high home prices and elevated mortgage rates, are making buyers more cautious. Cancellations are most common in the South, led by Atlanta at 19.8%, while Nassau County, New York had the lowest rate at 3.5%.
Rocket Companies posts record market share and most profitable quarter in four years
Rocket Companies reported record quarterly market share in both purchase and refinance and its most profitable quarter in four years during the second quarter of 2026, despite a challenging housing market. Adjusted revenue was $2.8 billion, near the midpoint of guidance, while adjusted EBITDA margin expanded to 28% from 26% in the first quarter and adjusted diluted EPS rose to $0.16. Purchase market share reached 6.2%, up from 5.5% in the fourth quarter, and refinance share hit 14.3%, up from 12.2%. The company said more than 70% of revenue now comes from recurring or less rate-sensitive businesses, and it expects third-quarter adjusted revenue between $2.5 billion and $2.7 billion, implying continued share gains.
Rocket Companies Doubles First-Half Revenue and Returns to Profitability
Rocket Companies reported second-quarter 2026 revenue of US$2,784 million, more than doubling from US$1,451 million a year earlier, and swung to a net income of US$230 million from a US$2 million loss. For the first half of 2026, revenue reached US$5,725 million and net income totaled US$527 million, driven by record purchase and refinance market shares and early cost synergies from the Mr. Cooper and Redfin acquisitions. Management disclosed that Mr. Cooper synergies hit an annualized US$100 million in the second quarter, with a target of US$400 million by year-end.
Redfin Reports Pending Home Sales Sink to 5-Month Low As Mortgage Rates Rise
Pending home sales in the U.S. fell 3.7% week over week to a seasonally adjusted 311,150—the lowest level in more than five months and the steepest weekly decline since 2022—as mortgage rates climbed to their highest in nearly a year, according to a new report from Redfin. The daily average 30-year fixed mortgage rate hit 6.82% as of August 3, near the highest level in over a year, while the weekly average reached 6.66% for the week ending July 30. New listings edged up 1% week over week to a seasonally adjusted 354,313, but active listings slipped 1.5% to 1,468,943. The median sale price rose 2.9% year over year to $406,362, and the median monthly mortgage payment stood at $2,631.
Rocket Companies Seen as Strongest Strategic Fit to Acquire Opendoor
Rocket Companies is the strongest strategic fit to acquire Opendoor Technologies, according to an analysis by 24/7 Wall St. Rocket already services $2.1 trillion in loans through Redfin and Mr. Cooper, and Opendoor's cash-offer engine and mortgage-attach potential would complete its stack. Opendoor has a $999 million cash pile against a market cap near $3.6 billion, with new CEO Kaz Nejatian reporting that aged inventory has collapsed from 51% to 10% of listings. Other potential acquirers include Zillow, which retreated from iBuying in 2021 but has strong cash flow, and CoStar Group, which has $1.27 billion in cash and an aggressive M&A record. No deal talks have been reported, and the analysis is an exercise in strategic logic.
Redfin Reports Homebuying Demand Slows as Mortgage Rates Hit Highest Level in a Year
U.S. pending home sales fell to their lowest level since early April during the four weeks ending July 26, dropping 1.7% in the last week alone, according to a new report from Redfin. The daily average mortgage rate rose to 6.85% at the end of last week, the highest level in over a year, driven by inflation concerns and volatile oil prices tied to geopolitical tensions. Despite the slowdown, the median U.S. housing payment fell to $2,575, its lowest level in three months, as sellers' median asking prices dropped to their lowest level in a year. New listings dipped to their second-lowest level since the start of 2026, but there are still hundreds of thousands more sellers than buyers, giving buyers negotiating power in most of the country. Redfin agent Bonnie Phillips noted that today's market rewards patience over panic, with bidding wars unlikely and buyers often able to negotiate prices down and get concessions from sellers.
US Housing Affordability Deteriorates Again as Mortgage Rates Hit 11-Month High
US housing affordability is deteriorating again as mortgage rates climbed to their highest level in about 11 months and home prices reached a new record. The average rate on a 30-year fixed mortgage rose to 6.58% from 6.55% a week earlier, according to Freddie Mac, while the median US home-sale price increased 2.2% year over year in June to a record $408,776, based on Redfin data cited by The Kobeissi Letter. Freddie Mac Chief Economist Sam Khater noted that shopping around for a mortgage rate can save borrowers thousands over the loan's lifetime. Existing-home sales rose 4.2% year over year to a seasonally adjusted annual rate of roughly 4.4 million, the highest since November 2022, but new listings declined 0.8% month over month to 376,762, their lowest level since December. San Francisco led major metros with a 9.2% annual price increase, followed by Pittsburgh at 9.1% and West Palm Beach at 8.6%, while elevated borrowing costs and a 4.7 million-home supply shortage continue to squeeze affordability.
Leon Cooperman’s Top 3 Stocks: Vertiv, Rocket Companies, and Energy Transfer Analyzed
Billionaire Leon Cooperman’s Omega Advisors holds three stocks that each warrant a different call, according to a recent analysis. Vertiv Holdings, trading at $304.57, has surged 88.08% year-to-date and now trades at 52 times forward earnings, suggesting patience is warranted despite strong AI data center demand. Rocket Companies, at $14.60, saw first-quarter revenue explode 167.1% to $2.94 billion after integrating Mr. Cooper and Redfin, but shares are down 24.59% year-to-date and the bull case still requires falling interest rates. Energy Transfer, at $19.91, looks most compelling with a 6.65% yield, raised full-year adjusted EBITDA guidance to a range of $18.20 billion to $18.60 billion, and locked-in gas supply agreements with Oracle for AI data centers.
UnitedHealth jumps 7% premarket on earnings beat and raised outlook
UnitedHealth shares surged more than 7% in premarket trading after the health insurance giant reported better-than-expected second-quarter results and hiked its full-year earnings outlook. The company posted adjusted earnings of $6.38 per share on revenue of $112.03 billion, exceeding analyst forecasts of $4.90 per share and $110.85 billion, respectively. Taiwan Semiconductor Manufacturing fell 4% despite beating earnings estimates, as it raised full-year capital expenditures to between $60 billion and $64 billion and announced an additional $100 billion investment in Arizona. AtaiBeckley soared 34.5% after Eli Lilly agreed to acquire the psychedelic drugmaker for $2.8 billion, or $6.75 per share in cash, with up to an additional $2.50 per share contingent on milestones. GE Aerospace dropped 4% even after topping second-quarter expectations with adjusted earnings of $2.02 per share on revenue of $12.63 billion and raising its full-year guidance. United Airlines declined more than 3% as softer-than-expected third-quarter guidance of $2.50 to $3.50 per share overshadowed an earnings beat, and the carrier also flagged $6 billion in added fuel costs. J.B. Hunt Transport Services gained nearly 7% after reporting earnings of $1.73 per share, beating estimates by 18 cents, while revenue of $3.5 billion was in line with expectations. AeroVironment rose nearly 2% following an upgrade to outperform at Raymond James, and Rocket Companies added 2% after Morgan Stanley raised its price target to $19.
U.S. Pending Home Sales Rise to Highest Level in 6 Weeks
U.S. pending home sales rose 1.3% from a week earlier to their highest level since the first half of May during the four weeks ending July 5, according to a new report from Redfin. The uptick was partly driven by a temporary dip in mortgage rates, with the weekly average falling to 6.43% on July 2, the lowest in six weeks, which pushed the median monthly housing payment down to $2,598. However, rates have since rebounded, with the daily average climbing to 6.68% on July 8. The median sale price increased 2.2% year over year to $408,808, just about $500 shy of the all-time high, while new listings fell 2.5% week over week to their lowest level since January.
Benchmark Initiates Rocket Companies with Buy Rating and $21 Price Target
Benchmark initiated coverage of Rocket Companies with a Buy rating and a $21 price target on June 30, citing favorable mortgage rates and the potential for Rocket to become one of the two leading real estate portals over the next decade. The brokerage believes housing platforms that combine artificial intelligence, vertical integration, and the ability to convert intent into transactions will win the industry competition, giving Rocket a major advantage over traditional providers. Rocket has demonstrated openness to industry partnerships to advance its goals and reduce risks, while also seeking to expand market share across purchase and refinancing segments. The stock is up more than 20% over the past month and is held by 112 hedge funds, with Slate Path Capital holding a 4.9% stake in its reported equity portfolio.
The thrifts and mortgage finance industry reported mixed first-quarter results, with aggregate revenues beating analyst estimates by 4.2% but next-quarter guidance coming in 6.6% below expectations. PennyMac Financial Services posted revenues of $583.1 million, up 10.8% year-on-year and 5.7% above estimates, though it missed on net interest income and tangible book value per share. Rocket Companies was the standout performer with revenues of $2.82 billion, a 108% increase that exceeded estimates by 2% and drove the fastest growth among peers. Franklin BSP Realty Trust was the weakest, with revenues of $60.39 million missing estimates by 17.4% alongside misses on net interest income and EPS. Other notable results included Columbia Financial, which beat revenue estimates by 9.1% with $66.18 million, and Arbor Realty Trust, which surpassed revenue expectations by 3.5% but saw the slowest revenue growth in the group.
WaFd Bank beats Q1 estimates as thrifts and mortgage finance stocks post mixed results
WaFd Bank reported first-quarter revenues of $198.3 million, up 10.5% year on year and 4% above analyst expectations, with beats on net interest income and EPS. The broader group of 12 thrifts and mortgage finance stocks tracked delivered mixed results, with aggregate revenues beating consensus by 4.2% but next-quarter guidance coming in 6.6% below estimates. Rocket Companies posted the fastest revenue growth at 108% to $2.82 billion, while Franklin BSP Realty Trust had the weakest quarter, missing revenue estimates by 17.4%. Ellington Financial achieved the largest analyst estimate beat at 55.1% on revenues of $171.3 million, and Northwest Bancshares edged past expectations with a 0.8% revenue beat to $175.1 million.
ON Semiconductor to acquire Synaptics in $7 billion all-stock deal, shares plunge 23.7%
ON Semiconductor shares plummeted 23.7% after the company announced it will acquire Synaptics in an all-stock deal valued at nearly $7 billion. Rocket Companies gained 1.5% after NASA said the company will provide launch services for two missions researching the Sun's energy input into Earth. Sandisk tumbled 10.5% and Seagate Technology fell 12.2% amid a broader tech decline.
Finance of America Companies Shares Surge 11.8% on Housing Bill Progress
Finance of America Companies shares jumped 11.8% to close at $24.21 in the last trading session, driven by heavy volume. The rally followed improved investor sentiment after a landmark bipartisan affordable housing bill advanced in the U.S. House and moved to President Donald Trump for final approval, which could boost mortgage-related stocks. The company is expected to report quarterly earnings of $1.12 per share, a year-over-year increase of 103.6%, on revenues of $89.1 million, down 49.8% from the prior-year quarter. Consensus earnings estimates have remained unchanged over the past 30 days, and the stock carries a Zacks Rank #3, or Hold. Rocket Companies, another stock in the Zacks Financial - Mortgage & Related Services industry, closed 1.5% higher at $15 and has returned 2.6% over the past month.
Americans Across Party Lines Back Policies to Improve Housing Affordability: Redfin Survey
A new Redfin-commissioned survey finds that 79% of U.S. residents support tax breaks for first-time homebuyers and 77% back policies to make homes more affordable. The Ipsos poll of 4,000 adults in May 2026 shows bipartisan agreement, with 85% of Democrats and 77% of Republicans favoring first-time buyer tax breaks, and 83% of Democrats and 74% of Republicans supporting broader affordability measures. Other policies with majority backing include caps on rent increases at 76%, initiatives for low-income housing at 75%, and down payment assistance programs at 74%. The results align with the recently passed ROAD to Housing Act, which aims to boost supply and streamline building processes but awaits President Trump's signature.
Housing Bill Approval Ignites Mortgage Stock Rally
The U.S. House of Representatives overwhelmingly approved a landmark bipartisan affordable housing bill, sending it to President Donald Trump for final approval. The 21st Century ROAD to Housing Act aims to boost housing supply, improve affordability, and modernize federal housing programs. Mortgage stocks rallied on the news, with Rocket Companies jumping 9.4%, PennyMac Financial Services gaining 3.9%, and loanDepot rising 5.3%. The bill could benefit mortgage companies by stimulating transaction volumes, though interest rates remain a key variable for sustained recovery.
New U.S. home listings fall to lowest since February as spring market fizzles
New listings of U.S. homes for sale fell 1.7% from a week earlier during the week ending June 21 to their lowest level since February, according to Redfin. The total number of homes for sale dipped 0.4% week over week, while pending home sales edged down 0.1%, marking the third straight week of slight declines from their May peak. The median home-sale price hit a record high of $408,814, up 2.5% year over year, and the weekly average mortgage rate stood at 6.47%, both factors dampening buyer demand. Redfin notes that nearly half of U.S. home sellers gave concessions to buyers in May, the highest share on record for that month, signaling a buyer's market in much of the country.
Rocket Companies stock surged 13% and Opendoor Technologies climbed 5% in midday trading Wednesday, driven by renewed refinancing demand as mortgage rates eased. Rocket Companies, which operates Rocket Mortgage and related platforms, beat first-quarter estimates with earnings of 15 cents per share on revenue of $2.94 billion and pulled forward $400 million in Mr. Cooper acquisition synergies a year ahead of schedule. Opendoor grew its home purchases 45% quarter over quarter to 2,474 homes and expanded gross margin to 10% from 9% a year earlier. Both stocks remain down more than 20% year to date, and the gains hinge on the 10-year Treasury yield staying near 4.4% without a reversal from hot inflation data.
Flood-prone US counties lost over 63,000 residents in 2025, nearly double the prior year's outflow
High-flood-risk US counties lost 63,357 more residents than they gained in 2025, nearly double the net outflow of 34,099 recorded in 2024, according to a Redfin report. Meanwhile, low-flood-risk counties gained 69,857 residents last year, the biggest uptick since 2018. Miami-Dade County led the exodus with a net loss of 72,254 residents, followed by Harris County, Texas, which lost 43,377. Redfin's chief economist Daryl Fairweather said climate risk is becoming a more important factor as repeated flooding and rising insurance costs make homeownership in vulnerable areas more expensive and less predictable.
Thrifts and Mortgage Finance Stocks Decline 3.5% After Mixed Q1 Earnings
The 12 thrifts and mortgage finance stocks tracked by StockStory reported mixed first-quarter results, with revenues beating analyst consensus estimates by 4.2% but next-quarter revenue guidance coming in 6.6% below expectations. On average, share prices across the group have declined 3.5% since the latest earnings results. Arbor Realty Trust posted revenues of $117.4 million, down 12.5% year on year and exceeding estimates by 3.5%, yet its stock has fallen 38% since reporting. Rocket Companies delivered the fastest revenue growth among peers, with revenues surging 108% year on year to $2.82 billion, but its shares are down 5.5% since the release. Franklin BSP Realty Trust was the weakest performer against analyst estimates, with revenues of $60.39 million missing expectations by 17.4%, and its stock has dropped 6.1%.
Refinancing Demand Is Stirring Again as Mortgage Rates Ease
Mortgage rates are showing signs of easing, putting refinancing activity back on investors' radar. The average rate on a 30-year fixed mortgage fell to 6.47% as of June 18, down from 6.52% the prior week and 6.81% a year ago, according to Freddie Mac. Refinance applications grew 17% year over year for the week ended June 12, accounting for 40.3% of total mortgage applications, the Mortgage Bankers Association reported. Rocket Companies is a direct play on refinancing volumes, while mortgage REITs AGNC Investment and Annaly Capital Management could benefit from improving agency MBS valuations and book values, though faster prepayments pose a risk. All three stocks carry a Zacks Rank of 3, or Hold, with 2026 earnings estimates unchanged over the past week.
U.S. home-price growth accelerated in May, Redfin reports
U.S. home prices rose 0.3% month over month in May on a seasonally adjusted basis, the fastest monthly growth since January, according to a new report from Redfin. Prices increased 2.5% from a year earlier, the fastest year-over-year growth in six months. The gains reflect deals that went under contract in April, when a brief decline in mortgage rates boosted homebuying demand. Among the 29 major metros where prices rose month over month, Cleveland led with a 2.5% increase, followed by Providence and New York at 1.8% each. Prices fell in 19 metros, with the largest drop in Riverside, California, at 1.9%.
Atlanta, Fort Worth, and Jacksonville lead US in canceled home sales in May
Atlanta, Fort Worth, and Jacksonville recorded the highest rates of canceled home-purchase contracts among major US metros in May, according to a new report from Redfin. In Atlanta, 18.8% of pending sales fell through, followed by Fort Worth at 18.1% and Jacksonville at 17.9%. Nationwide, 13.6% of deals were canceled, a rate that has held steady for four months. Four of the ten metros with the highest cancellation rates were in Texas, and three were in Florida, all of which have shifted from pandemic-era seller's markets to strong buyer's markets with far more sellers than buyers. In contrast, San Francisco had the lowest cancellation rate at just 3.9%, driven by a booming market tied to the AI industry.