RKT - Why Rocket Mortgage Stock Lost 23% in September
2023-10-09 13:26:21 ET
Shares of Rocket Companies (NYSE: RKT) , the parent company of Rocket Mortgage, one of the nation's biggest mortgage originators, took a dive last month as the housing market continued to weaken, mortgage rates rose, and the Federal Reserve said that interest rates would stay higher for longer, putting more pressure on real estate stocks.
While there was no company-specific news out on Rocket Companies, the macroeconomic-level announcements, including downbeat housing data and rising mortgage rates, were enough to sink the stock further, and shares lost 23% last month, according to data from S&P Global Market Intelligence .
As you can see from the chart, the stock fell steadily over the course of the month, with the sell-off accelerating after the Federal Reserve's interest rate decision.
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Why Rocket Mortgage Stock Lost 23% in September