Rocket Mortgage is located in downtown Detroit

Rocket Companies posts $96 million profit as mortgage volume declines

Rocket Mortgage is located in downtown Detroit

Dan Gilbert’s Rocket Companies managed $96 million in net income, or earnings, in the third quarter as rising interest rates continue to hurt the mortgage industry.

Rocket Companies, the publicly traded parent of Rocket Mortgage, reported total revenue of $1.3 billion for the quarter, which, although down slightly from $1.4 billion last quarter, represents a 58% decline from its $3.1 billion in revenue (and $1.4 billion in profit) in the third quarter of 2021, before interest rates began to rise in arrow.

Rocket made a profit of $60 million in the second quarter.

Like other lenders, Rocket continues to experience a year-over-year plunge in mortgage volume, closing $114 billion in loans so far this year through the third quarter, down from $275 billion. for the same nine-month period last year.

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