Mortgage Stocks Pushed Higher On Thursday: Here's Why
Portfolio Pulse from Ryan Gustafson
Mortgage stocks surged on Thursday due to the decline in U.S. 10-Year Treasury Yield following the Fed's decision to leave rates unchanged with potential future rate cuts. This has led to a decrease in mortgage rates, positively impacting mortgage stocks such as Rocket Companies, UWM Holdings Corporation, LendingTree, and Bank of America Corporation, which all saw significant share price increases.
December 14, 2023 | 9:34 pm
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Bank of America Corporation's shares increased by 6.05% to $33.98, likely benefiting from the overall positive sentiment in the mortgage industry.
Bank of America Corporation's stock price is positively influenced by the mortgage sector's performance, which is currently experiencing a boost due to falling mortgage rates.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Rocket Companies' stock jumped 13.4% to $13.39, benefiting from the decline in Treasury yields and the Fed's rate decision.
Rocket Companies' stock price increase is directly related to the decline in mortgage rates, which is influenced by the drop in Treasury yields and the Fed's monetary policy.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
LendingTree, Inc.'s stock rose 8.02% to $28.70, capitalizing on the current economic conditions that favor lower mortgage rates.
LendingTree, Inc.'s stock is experiencing an upswing due to the broader market trend of falling mortgage rates, which is a positive sign for mortgage lenders.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
UWM Holdings Corporation saw its shares increase by 8.32% to $6.90, driven by the favorable mortgage rate environment.
UWM Holdings Corporation's stock price is positively impacted by the lower mortgage rates resulting from the decrease in Treasury yields.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90