Opendoor Drops: 4.99% on a 5/6 ARM on select homes, this week only

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Opendoor Home Loans LLC. NMLS ID 2810193.

Rates for 30-year fixed mortgages are back above 7%, averaging 7.40% as of October 8, according to Freddie Mac. For most buyers, that number determines whether or not the monthly payment will work for them on the next home they want to buy.

Starting today, and for one week only, select Opendoor homes come with a 4.99% rate on a 5/6 ARM when you finance with Opendoor Home Loans. You'll find them on Opendoor Drops, a new set of Opendoor homes featured every Thursday with our latest promotions and incentives.

What's new

The offer covers about 300 Opendoor homes in markets including Atlanta, Dallas, Phoenix, Nashville, San Antonio, and Houston. The 4.99% initial interest rate is on a 5/6 adjustable-rate mortgage (ARM). To get it, you'll need to finance with Opendoor Home Loans, put at least 20% down, have a credit score of 780 or higher, and live in the home. The APR is 5.849% as of October 8, 2026.

Funds are limited, so the rate may not be available if they run out before you lock. Eligible homes, rates, and terms can change, so check each home for its current details. The 4.99% offer ends Wednesday, Oct 14 at noon PT. Future drops may have different offers.

"For homeowners looking to move, the decision often comes down to the monthly payment. Because we own the homes and offer the financing, we can help lower that payment. This week, that means a 4.99% initial rate on a 5/6 ARM for select homes. The goal is simple: help more buyers find a home that works for their family and their wallet." said Morgan Brown, Chief Growth Officer at Opendoor.

How Drops works

Opendoor Drops (opendoor.com/drop) is where we feature homes with special financing promotions and other incentives. A new drop goes live every Thursday and runs for a week. Each home shows its rate and estimated monthly payment, so you can compare homes on what they'll cost you each month. From any home, you can open the full listing or start preapproval.

These are real homes you can tour and buy, each with its own financing details attached.

What a 5/6 ARM means

A 5/6 ARM has a fixed interest rate for the first five years (60 months). After that, the rate can adjust every six months, which means your monthly payment could go up.

You'll see two numbers on each home. The interest rate is what you pay to borrow. The APR includes the interest rate plus certain fees and costs, so it gives you a fuller picture of what the loan costs.

An ARM isn't right for every buyer. Whether it fits depends on your plans and your finances, and a loan officer can walk you through your options, including fixed-rate loans.

Why we're building this

Buying a home usually means bouncing between a search site, a lender, and an agent, and piecing the answers together yourself. Opendoor owns the homes on Drops, and Opendoor Home Loans offers the mortgage. That lets us put the home and the financing in one place, so you know what a home will cost before you get attached to it. On Drops homes, Opendoor pays to bring the rate down, so the savings show up in your monthly payment.

How to get started

1. Browse this week's drop at opendoor.com/drop.
2. Pick a home and review its rate, APR, and estimated payment.
3. Start preapproval with Opendoor Home Loans to see what you qualify for.

See this week's homes

Terms and conditions apply. Not all buyers will qualify or be eligible for the loan program, seller credit, or the terms above. For illustrative purposes only, an example of a 5/6 ARM loan at the initial rate and APR referenced above: A loan amount of $320,000 with an initial rate of 4.99% (APR 5.849%) has 60 monthly payments of $ 1,715.87 at 4.99%. Starting in year six, the rate will adjust every six months based on index changes. Choosing a higher-priced home will result in a higher payment than the samples shown above. Taxes and insurance are not included so the actual payment obligation will be greater. Actual loan terms will vary based on factors such as purchase price of the property, down payment, and closing costs, among other things. Limited funds are available; rate(s) may change or not be available at the time of loan commitment, lock-in or closing if funds are exhausted. Specific terms apply and buyer is subject to qualification that includes, but not limited to, a minimum of 20% down, a minimum credit score of 780, owner occupancy requirements and/or any changes in investor guidelines or programs. The actual APR associated with the rate may be higher and can vary depending on any lender fees charged. Prices do not include closing costs and other fees to be paid by buyer and are subject to change without notice. Offer may not be combined with any other existing promotions.

All mortgage services from Opendoor are provided by Opendoor Home Loans LLC; Company NMLS ID #2810193 (for licensing information, go to www.nmlsconsumeraccess.org); 1295 West Washington Street, Suite 115, Tempe, AZ 85288; (480) 618-6760. AZ Mortgage Banker License #BK-2017071; CO Mortgage Company Registration, regulated by the Division of Real Estate; GA Mortgage Lender License; TX Mortgage Company License. This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Interest rates and Annual Percentage Rates (APRs) are: based on recent market rates, for informational purposes only, and may be subject to pricing add-ons related to property type, loan amount, loan-to-value ratio, credit score and other factors. Rates, terms, and availability subject to change without notice. This is not an offer to enter into a rate lock agreement under MN law or any other applicable law.

Author

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All mortgage services from Opendoor are provided by Opendoor Home Loans LLC; Company NMLS ID #2810193 (www.nmlsconsumeraccess.org); 1295 West Washington Street, Suite 115, Tempe, AZ 85288; (480) 618-6760. AZ Mortgage Banker License #BK-2017071; GA Mortgage Lender License; TX Mortgage Company License. Buyers are not required to use Opendoor Home Loans LLC to purchase an Opendoor home. Subject to credit approval and underwriting; additional terms and conditions apply. Rates, terms, and availability subject to change without notice. This is not an offer for extension of credit or a commitment to lend.