Rocket CEO says U.S. mortgage industry is a ‘tale of two cities.’ His booming business shows a broader reality for American homebuyers

For the past couple of years, the housing market has been a touchy subject for many Americans. As both mortgage rates and home prices remained elevated far above pandemic levels, many lost hope in the American dream of homeownership, and younger generations gave up on the idea altogether.

But the CEO of Rocket Companies, whose flagship subsidiary is Rocket Mortgage, said this week there are signs Americans are moving off the sidelines and vying for homeownership. Coming at the heels...