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Rate Hike Concerns Hit iBuyer Stocks: Opendoor Down 4%, Zillow Down 2% as 10-Year Treasury Yield Surpasses 5%
Shares of iBuyer companies were under pressure in Tuesday morning trading due to interest rate hike concerns. Opendoor Technologies (NASDAQ:OPEN) fell 4% to $2.68, Zillow Group (NASDAQ:Z) dropped 2% to $32.57, while Offerpad Solutions (NYSE:OPAD) was flat at $3.63. This follows the 10-year U.S. government bond yield rising above 5.01% and the 30-year fixed mortgage rate at 7.25%, which has squeezed iBuyer companies' financing costs and reduced homebuyer affordability. Analysts recommend maintaining moderate position sizes until government bond yields stabilize and housing transaction volumes show significant improvement.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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