New York, May 22, 2026, 15:03 (EDT)
- Opendoor was at about $4.55 in Friday afternoon trading. The stock had gained 3.9% on Thursday but didn’t move much Friday.
- The average rate on a 30-year fixed mortgage moved up to 6.51%, Freddie Mac said. That’s up from 6.36% last week.
- Nasdaq was open for normal trading Friday and set to close at 4 p.m. ET. U.S. stock markets will shut Monday for Memorial Day.
Opendoor Technologies Inc. traded flat Friday afternoon, pulling back from earlier gains. The home-flipping stock struggled to hold its bump as investors considered the company’s turnaround plans and rising U.S. mortgage rates.
The stock hovered close to $4.55 in mid-afternoon trading in New York. It opened at $4.58 and ranged from $4.46 to $4.62. The shares finished Thursday at $4.57, up 3.86% following earlier gains this week.
Opendoor’s business hinges on buying homes, setting the right price, and turning them around fast. The practice is known as “iBuying,” meaning the company uses data, cash bids and an online system to buy and flip homes. With higher mortgage rates, fewer people can buy, and reselling gets trickier.
30-year fixed mortgage rates edged up to 6.51% this week from 6.36% last week, Freddie Mac said Thursday. Chief economist Sam Khater said borrowers could “save thousands” if they get multiple quotes while rates fluctuate. Freddie Mac
Housing caution got a boost after U.S. single-family housing starts dropped 9.0% in April, Reuters said. Builders are dealing with high mortgage rates and higher costs, slowing construction. Opendoor faces the same affordability squeeze as it works to move inventory.
Opendoor’s story has turned a bit more positive lately. In a filing on May 7, the company posted first-quarter revenue of $720 million, down from $1.15 billion last year. Net loss was $173 million, larger than the $85 million loss a year before. But gross margin improved, hitting 10.0%. Homes purchased jumped 45% from the previous quarter. The company also signed more than 5,000 acquisition contracts, the most since 2022.
Opendoor CEO Kaz Nejatian said in the release the company’s “machine is working,” with improvements in buying, resale speed and margins. The company said aged inventory was down, noting homes listed for over 120 days dropped to 10% at quarter-end from 33% the previous quarter. SEC
Opendoor is looking to see if its gains can last as it handles more volume. The company said it expects second-quarter revenue to climb about 25% from last quarter, with adjusted EBITDA landing around breakeven. Adjusted EBITDA, which excludes interest, taxes, depreciation, amortization and some other costs, is not the same as net income.
Some peers went different ways Friday, making it tough to read across the sector. Zillow Group dropped, while smaller rival Offerpad Solutions traded up.
But the risk is clear. If mortgage rates rise more, buyers could hold off, homes may sit on the market longer, and Opendoor might be forced to cut prices or slow its pace of buying. Opendoor has warned that housing downturns, big moves in home prices, competition, its ability to get debt, and its success in buying and reselling homes could all hit results in a big way.
Nasdaq was set to wrap for the long weekend, with the regular Friday session ending at 4 p.m. ET. The market is shut Monday, May 25, for Memorial Day. Opendoor trading resumes Tuesday, with the company still talking speed and the housing market still driven by rates.
