What happened

Investors bid up Rocket Companies' (NYSE:RKT) share price on Wednesday ahead of the mortgage giant's upcoming earnings release. As of 11:50 a.m. EDT, Rocket's stock was up 7%. 

So what

Rocket Companies announced preliminary second-quarter results on Aug. 14 that stunned investors. Its net revenue skyrocketed 437% year over year to $5 billion, fueled by a 126% jump in loan origination volume, to $72.3 billion. 

Better still, Rocket's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed an incredible 868% to $3.8 billion, while its adjusted net income soared 995% year over year to $2.8 billion.

Miniature houses are on top of rising stacks of gold coins.

Booming demand for mortgages is fueling Rocket Companies' growth. Image source: Getty Images.

Housing data has remained strong since then. The National Association of Realtors said on Aug. 21 sales of existing homes in July rose 24% compared to June. And today, the Mortgage Bankers Association reported a 40% year-over-year surge in mortgage refinancing applications for the past week. 

Now what 

This positive housing data bodes well for Rocket Companies' future growth prospects. Investors, in turn, are eagerly anticipating the company's upcoming earnings report, which is due out later today after the market close. Management will also host a conference call for analysts and investors, which is scheduled for 4:30 p.m. EDT. 

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.