Mortgage Lenders' Shares Rise Following Trump's HUD Nominee

Dow Jones

2024/11/26

By Denny Jacob

Shares of Rocket Cos. and other mortgage lenders rallied, seemingly on President-elect Donald Trump's nominee to lead the Department of Housing and Urban Development.

Rocket Cos. jumped 9.4% to $15.04 on Monday, while UWM Holdings gained 6.7% to $6.57. Others adjacent to the mortgage space including Radian Group, LoanDepot and LendingTree saw their stock price rise as well.

Trump on Friday nominated former state House lawmaker Scott Turner to lead HUD. He served as executive director of the White House Opportunity and Revitalization Council in the first Trump administration.

Aside from Trump's nominees and business-friendly agenda, another factor potentially at play is the Federal Reserve's latest interest rate cut earlier in November. The quarter-point cut followed an initial cut of a half point in September, which will bring the benchmark federal-funds rate to a range between 4.5% and 4.75%.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

November 25, 2024 12:24 ET (17:24 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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