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Redfin Reports Pending Home Sales Post First Decline in 3 Months, Even As Mortgage Rates Drop

1. Pending U.S. home sales decreased 1% in the past month. 2. Mortgage rates have dropped to 6.26%, the lowest in a year.

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$19.5909/25 08:11 AM EDTEvent Start
$19.06509/25 03:54 PM EDTLatest Updated
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FAQ

Why Bullish?

The decline in mortgage rates may stimulate home sales, positively impacting RKT’s business given its close tie with the real estate sector. Historical precedents show that falling rates often lead to increased mortgage activity, which could benefit Rocket's brokerage services.

How important is it?

The trends in home sales and mortgage rates are critical for Rocket's business model, suggesting that improvements could lead to enhanced performance. The strong connection to real estate dynamics elevates the relevance of the news for RKT.

Why Short Term?

The upcoming Federal interest-rate cut could swiftly increase home-buying activity, directly affecting Rocket's revenue in the near term, similar to past scenarios noted in the market.

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SEATTLE--(BUSINESS WIRE)--Pending U.S. home sales dipped roughly 1% from a year earlier during the four weeks ending September 21, the first decline in nearly three months, according to a new report from Redfin, the real estate brokerage powered by Rocket. The weekly average mortgage rate has fallen to 6.26%, the lowest level in nearly a year and down from roughly 6.9% at the start of summer. The dip was in anticipation of the Fed's first interest-rate cut of the year. But steadily falling mort.

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