The interest rate on a typical two-year fixed-rate mortgage has broken 6% for the first time in 14 years. The sudden rise has left first-time buyers with few affordable mortgage options, and those looking to re-mortgage facing huge increases in their monthly repayments.
Rocket, which owns Rocket Mortgage, Rocket Money, and more, is planning to diversify its approach to reach more consumers, on top of offering discounts to lower monthly payments.