Opendoor Technologies Inc (OPEN) surged 10.11% in pre-market trading on Friday, continuing its upward momentum from the previous session. The stock's rally is part of a broader sector-wide movement driven by bullish sentiment in mortgage-related stocks.

The surge follows former President Donald Trump's announcement of a $200 billion mortgage bond purchase plan, aimed at lowering mortgage rates and housing costs. Trump pledged to use funds from Fannie Mae and Freddie Mac to execute the plan, criticizing the current administration for undermining housing affordability. This initiative has sparked a rally across the real estate and mortgage sectors, with Opendoor benefiting as a digital real estate platform.

Analysts note that the proposed bond purchases could significantly reduce mortgage rates, boosting demand for housing and benefiting companies like Opendoor that facilitate home transactions. The stock's pre-market gains reflect investor optimism about the potential positive impact of the policy on the housing market.