Rocket Companies slips after Q2 profit miss, softer mortgage market outlook

Rocket Companies shares fell 3.2% to $12.8 in premarket trading after the mortgage lender reported second-quarter adjusted earnings per share of 16 cents, below analysts' average estimate of 17 cents, according to data compiled by LSEG.

RBC Capital Markets said pushback was coming from management expectations of a smaller mortgage market in the third quarter than in the second, the first such call since 2022, driven by a 50 basis point rise in the 30-year fixed rate.

The mortgage lender expects third-quarter adjusted revenue of $2.5 billion to $2.7 billion.

As of the previous close, the stock was down 31.7% year to date.