Opendoor moves ahead with mortgage offerings, touts controlled costs

Opendoor Home Loans has exited beta mode and is now offering a full menu of fixed- and adjustable-rate mortgages (ARMs) to buyers in markets where the company is licensed, it announced Friday.The San Francisco-based real estate company said its mortgage unit now provides 30-, 20- and 15-year fixed-rate loans, along with 5/6, 7/6 and 10/6 adjustable-rate loans. The products are available for any home purchase in Opendoor Home Loans’ licensed markets, not just transactions that involve Opendoor-owned homes.The launch comes as borrowing costs have climbed. HousingWire’s Mortgage Rates Center on Tuesday showed an average rate of 7.01% for a 30-year conventional fixed-rate loan, although that was down 5 basis points compared to a week ago. In February, Opendoor announced a new mortgage product to a limited group of users, marking a return to home financing. (Opendoor Home Loans, launched in 2019 as part of a broader expansion strategy, was later shut down in 2022 due to higher rates.) Opendoor’s leadership said on social media in March that the company locked a mortgage at 4.99%, with promises of below-market interest rates after the company removed its markup. It has sparked debate acr...