Rates Down Again, Purchase Demand “Thawing”

The 30-year fixed rate slipped slightly again last week, prompting some pent-up buyers to lock in a purchase, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey found that the 30-year fixed-rate mortgage averaged 6.13%, down from 6.15% the week prior. A year ago at this time, the 30-year FRM averaged 3.55%. The 15-year fixed-rate mortgage fell from 5.28% to 5.17%. A year ago, it averaged 2.80%. “Mortgage rates continue to tick down and, as a result, home purchase demand is thawing from the months-long freeze that gripped the housing market,” said Sam Khater, Freddie Mac’s chief economist. “Potential homebuyers remain sensitive to changes in mortgage rates, but ample demand remains, fueled by first-time homebuyers.” Pending home sales have been…

Rocket Rolls Out Rewards Program That Can Be Put Towards Closing Costs

Rocket Companies has rolled out a rewards program that allows consumers to get points towards various transactions across Rocket’s platforms, the company announced. In its first phase, consumers will be able to use Rocket Rewards on closing costs when financing a home through Rocket Mortgage. “Rocket Companies is known for delivering exceptional client service and the introduction of Rocket Rewards continues that trend – showing our appreciation for clients by offering incentives at various points throughout their financial journey,” said Jay Farner, Vice Chairman and CEO of Rocket Companies.  Home shoppers need to create an account and visit the rewards page. New clients will get a 7,500-point welcome bonus, or $75, which can be used on closing costs. More points…

Rocket Announces Exec Leadership Changes

Rocket’s CFO and General Counsel are both retiring, resulting in changes to its executive leadership, the company announced in a press release. Julie Booth, CFO and Treasurer, will be retiring effective November 15. She has been with Rocket Mortgage for nearly 20 years and has served as CFO since 2005. She will be replaced by Brian Brown, currently Chief Accounting Officer. Prior to Rocket, he consulted with financial services companies at EY. “During her time as CFO, Julie has been a tremendous leader in our organization, helping guide our company through significant growth and expansion, culminating with our IPO in 2020,” said Jay Farner, Rocket Companies Vice Chairman and CEO.  “Even more impressive is the tremendous team Julie has built…

Rocket Mortgage Works To End Digital Divide In Detroit

By KIMBERLEY HAAS Leaders at Rocket Mortgage are working to end the digital divide in Detroit where it is estimated that one-quarter of residents do not have internet access. That number is down from nearly 40% in 2016, according to Dana Afana at Detroit Free Press, but those working on the issue say there is still a long way to go especially considering how important the internet is post-2020. The Changing the Course initiative was established in that year to end the digital divide in Detroit, where Rocket Mortgage is located. Money raised from The Rocket Mortgage Classic, which made history in 2019 as the first PGA TOUR ever held in the city, supports the campaign. The tour raised $1.35…

Rocket Announces Leadership Changes

Rocket Mortgage announced several leadership changeups, including a new title for Jay Farner, the company announced. Farner, currently Vice Chairman and CEO of Rocket Companies, will now have the title of CEO for Rocket Central, the hub for the Rocket Companies fintech platform. The title change will not impact his role at the company, allowing him to “continue driving the growth of the entire ecosystem from mortgage and real estate to car sales and personal finance,” according to the statement. The former CEO of Rock Central, Angelo Vitale, will now focus exclusively on his role as General Counsel and Secretary at Rocket. Rocket Mortgage veteran Bob Walters will take over the role of Rocket Mortgage CEO. Prior to this promotion,…

Rocket Exceeds Revenue Expectations in Q3

Rocket Companies released its Q3 2021 earnings report, which showed its earnings bested expectations of analysts, despite a serious dip in refinancing activity. Analysts expected Rocket to close out the quarter at 48 cents per share, but the company came out on top at 57 cents per share, an adjusted net income of $1.14 billion. Its adjusted revenue reached $3.2 billion, well above consensus estimates of $2.96 billion. The company’s total revenue rose 96% from Q3 2019. “We had an excellent third quarter, as we executed on our mission to remove friction from life’s complex moments. Our core mortgage business exceeded the high end of guidance for closed loan volume and gain-on-sale margin while achieving record purchase volume,” Rocket CEO…