Why Rocket Companies Stock Jumped Today
Shares of Rocket Companies (NYSE: RKT) leapt 12.4% on Monday, fueled by a buoyant housing market and rising demand for mortgage-related services.
On Friday, a report from the National Association of Realtors showed that sales of existing homes in July surged 9% year over year and 24% compared to June. The housing market is being supported by historically low mortgage rates, which fell below 3% for many borrowers in July. More new home sales mean more mortgage originations -- and more business for Rocket Companies.
A strong real estate market is fueling Rocket Companies' growth. Image source: Getty Images.
Source Fool.com
