Mortgage lenders gain on rate-cut optimism
Shares of mortgage lenders rise on Fri as traders boost bets on an interest rate cut after dovish comments by New York Fed President John Williams, a voting member of the Federal Open Market Committee
LoanDepot LDI.N jumps ~7%, Rocket Companies RKT.N surges nearly 7%, PennyMac Financial Services PFSI.N up ~3%, UWM Holdings UWMC.N up 5%
Markets pricing in nearly 75% chance for a 25 basis point reduction at the Fed's next meeting in Dec, up from around 37% earlier in the day, according to the CME FedWatch Tool
In recent years, mortgage lenders have grappled with sharp declines in origination volumes due to higher interest rates
Rate cuts could potentially attract more buyers into the market, and make loans and mortgages less expensive for consumers
Also, shares of online home-listings firm Zillow Group ZG.O rally 6.5% on Fri, and online residential real estate firm Opendoor Technologies OPEN.O leaps ~9%
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