UWMC - Rocket Mortgage stock slides to record low in a week-long slump

Rocket Companies ([[RKT]] -1.8%) stock sinks to its lowest point since its IPO last August, extending its decline for a sixth straight session after the mortgage lender's Q1 earnings missed estimates and its guidance disappointed.The stock fell as low as $16.22 in Thursday trading, about 9.9% below its IPO price of $18.Specifically, Wall Street analysts were disappointed with its guidance for gain-on-sale margins, a measure of its pricing power. Rocket also sees its Q2 closed loan volume slipping  to $82.5B-$87.5B from Q1's $103.5B level.Pricing competition has increased in the mortgage sector, especially between Rocket and rival UWM Holding ([[UWMC]] -0.4%). In March, UWMC said it would no longer work with mortgage brokers that work with Rocket or Fairway Independent Mortgage.In contrast with Rocket's outlook, UWMC said it expects Q2 originations to rise and believes that it can grow in a rising rate environment.

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Rocket Mortgage stock slides to record low in a week-long slump