Mortgage lenders rise after Fed's bumper rate cut

Mr Cooper

18/09/2024 19:32

** Mortgage lender stocks rise in afternoon trading after
the U.S. Federal Reserve cuts interest rates for the first time
since 2020
    ** Rocket Companies  RKT.N , PennyMac Financial Services
 PFSI.N  and Cooper Group  COOP.O  rise between 0.5% and 2.5%
    ** Mortgage lenders have had to contend with sharp declines
in origination volumes in recent years due to higher interest
rates 
    ** Rate cuts would draw more buyers into the market and
unleash the housing market potential in the next few years
    ** Analysts expect RKT to be a material beneficiary of the
rate cuts


 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com))