Opendoor Surges 13% as Trump Mortgage Plan Sparks Housing Rally
Opendoor Technologies (OPEN) led a housing sector surge, climbing 13.2% to $7.29 after former President TRUMP proposed a $200 billion mortgage-backed securities purchase program. The plan, announced via Truth Social, aims to pressure 30-year mortgage rates currently hovering at 6.2%, though analysts project only 10-15 basis points of relief.
Treasury Secretary Scott Bessent outlined a phased approach, with the FHFA committing $3 billion initially to match Fed runoff. The move reignites debates about privatizing Fannie Mae and Freddie Mac while sending Ripple effects across mortgage lenders and homebuilders. LoanDepot, Rocket Companies, and UWM Holdings joined the rally alongside builders Lennar and PulteGroup.
Market volume hit 167 million shares as OPEN traded between $6.82-$7.91 intraday. FHFA Director Bill Pulte teased 30-50 additional housing policy proposals in coming weeks, keeping traders alert for further catalysts.
