Mortgage rates fell to their lowest level in 11 months. That won’t necessarily translate into a flurry of home sales; a weaker jobs picture could dampen demand. Lower rates may lead to more refinancings, but home prices are historically high—up more than 50% since 2019—and are unlikely to come down substantially soon.
Opendoor shares surged following the appointment of a new CEO, cementing the home-selling platform’s meme-stock status. The new leader was greeted with a near-80% rise in the stock, giving a $7.7 billion valuation to a company that has reported losses in its last eight quarters.