Why Rocket Companies Stock Rose 13.7% in November
Shares of Rocket Companies (NYSE: RKT) jumped more than 13% last month, according to data provided by S&P Global Market Intelligence. The parent company of Rocket Mortgage and Quicken Loans is enjoying surging demand for its services with mortgage rates near record lows.
Rocket's third-quarter loan origination volume soared 122% year over year to $89 billion. That drove a 186% increase in its total revenue, to $4.6 billion. "In the midst of the pandemic, we were able to help an unprecedented number of Americans buy and refinance homes," CEO Jay Farner said in a press release.
Rocket Companies' mortgage businesses are booming. Image source: Getty Images.
Source Fool.com
