Exceeded expectations. In one of the most challenging spring markets in recent years, Rocket still delivered its most profitable quarter in four years, driven by Redfin and Mr. Cooper integrations that exceeded expectations.

Purchase market share rose to 6.2% (5.5% in Q4), refinance market share rose to 14.3% (12.2% in Q4), with an adjusted EBITDA margin of 28%.

Redfin mortgage leads doubled year over year, with penetration at 47% approaching the 50% target; the synergy target was raised to $500M; AI increased the number of clients each loan officer can serve by 40%; completed the largest servicing migration in history.

Q3 revenue guidance is $2.5-2.7 billion, revised down sequentially; the Q3 market is expected to shrink versus Q2, the first time since 2022.

The positive signal is three consecutive quarters of growth without sacrificing profitability; the risk is that the 30-year fixed rate has risen to 6.8%, leaving 2026 recovery expectations unmet.