Rocket Companies Inc. (NYSE:RKT) stock is trading lower Thursday afternoon as fresh housing market data highlighted growing headwinds in the mortgage and real estate sectors.
- Rocket Companies shares are retreating from recent levels. What’s pressuring RKT stock?
Redfin Report Highlights Falling Sales and Buyer Hesitancy
A new update from subsidiary Redfin revealed that U.S. homebuying demand is cooling, driven by daily average mortgage rates hitting 6.85%, their highest level in over a year.
The surge in borrowing costs, fueled by inflation concerns and geopolitical oil price volatility, is forcing many house hunters to pause.
According to the report, U.S. pending home sales fell 1.7% in the past week to 322,739 units, hitting their lowest level since early April. Additionally, home touring activity has risen just 15% since the start of the year, compared to a 31% increase during the same period last year.
With weekly mortgage-purchase applications slipping 4%, the broader slowdown points to reduced transaction volume across Rocket’s real estate ecosystem.
Lower Prices Offer Small Relief Amid Broader Headwinds
Despite high borrowing rates, the report highlighted minor concessions for active buyers. Sellers lowered median asking prices to $392,760, the lowest level in a year, pulling the median monthly mortgage payment down to a three-month low of $2,575.
Because sellers currently outnumber buyers, remaining home seekers retain negotiating power, though persistent high rates continue to weigh on total market activity.
RKT Shares Fall Thursday Afternoon
RKT Price Action: Rocket Companies shares were down 3.72% at $13.19 at the time of publication on Thursday, according to Benzinga Pro data.
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