Mortgage Giant Rocket Plunges Back to Earth, Hit by Rising Rates

The mortgage industry turned from feast to famine faster than America’s largest home lender anticipated.

Rocket Mortgage harnessed a generation of low rates to refinance millions of homeowners. Last year, it racked up more than double the refi volume of any other lender, accounting for more than $1 of every $10 lent out during a boom for the mortgage industry.