Wall Street has been booming over the past week following the Fed's decision to leave rates unchanged and the potential for future rate cuts. Amid the recent gains, mortgage stocks have especially benefitted from changing economic factors, particularly the decline in the U.S. 10-Year Treasury Yield.
What To Know: As major U.S. stock indexes reach or approach new highs, the 10-Year Treasury yield continues to pull back, falling to 3.9% as of Thursday afternoon. Additionally, 30-year yields approached 4%.
With mortgage rates falling in conjuction with the Treasury yields, mortgage stocks have taken off.
Some of the mortgage stocks which made big moves on Thursday amid the strength in the sector included Rocket Companies, Inc. RKT, UWM Holdings Corporation UWMC, LendingTree, Inc. TREE, and Bank of America Corporation BAC.
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RKT, UWMC, TREE, BAC Price Action: Shares of RKT were up 13.4% at $13.39, shares of UWMC were up 8.32% at $6.90, shares of TREE were up 8.02% at $28.70, and shares of BAC were up 6.05% at $33.98 at the close of the market, according to Benzinga Pro.
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