Here's Why Opendoor Is Soaring
Leading iBuyer Opendoor (NASDAQ: OPEN) was having an excellent day on Thursday. As of 3 p.m. EST, the real estate disruptor's stock had risen by 14% for the day and has now more than tripled from its 52-week low in just over a month.
There isn't any company-specific news driving the news higher, but there has been a surge in optimism for the real estate market in general. Not only is Opendoor soaring, but Redfin (NASDAQ: RDFN) is up by 11% on the day, and fellow iBuyer Offerpad (NYSE: OPAD) rocketed higher yesterday after raising some much-needed capital.
In fact, Mortgage News Daily reported earlier Thursday that the average 30-year mortgage rate has fallen below 6% for the first time since September. And last week, Redfin reported pending home sales experienced their smallest year-over-year percentage drop in over three months, indicating that homebuyer demand is starting to come back. Seventeen percent more people are requesting home tours than at the November bottom, and the number of potential buyers contacting Redfin agents is up 13%.
Source Fool.com
