Opendoor Technologies Inc (OPEN.US) surged more than 10% in pre-market trading on Friday, reaching $7.10 per share. The price movement follows news that former U.S. President Donald Trump stated on Thursday he is "directing my representatives" to purchase $200 billion worth of mortgage bonds, claiming the action will lower interest rates and monthly payments. In a social media post, Trump explained the directive was issued because the two government-supported mortgage enterprises, Fannie Mae (FNMA.US) and Freddie Mac (FMCC.US), are currently "very flush with cash." Additionally, on the same day, Trump declared, "Right now, I am specifically looking at the housing market." This move by Trump represents his latest effort to reduce housing costs ahead of the midterm elections this November. Previously, on Wednesday, Trump indicated he would push for a ban on institutional investors purchasing single-family homes.