Portable Mortgages: Keeping Your Low Interest Rate When You Move
A house committee must act next: committee consideration.
While the idea helps homeowners, it faces technical hurdles in the financial industry and has not yet gained broad bipartisan support.
Scores run from -100 (strongly harmful) to +100 (strongly beneficial) for each group, combining impact, certainty, scope, and duration ratings of 1-5. How impact scoring works
If portable mortgages encourage more current homeowners to sell and move, more homes could come onto the market, which might ease competition and prices for renters trying to buy their first home. This effect is indirect and depends on how many lenders and homeowners actually use the new option once Fannie Mae and Freddie Mac begin buying these loans.
Referred to the House Committee on Financial Services.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
U.S. Rep. Tom Kean Jr. (R-NJ) introduced the Making Ownership Viable for Everyone (MOVE) Act, which would allow homeowners to transfer their existing mortgage rate, term, and balance to a new property. The bill requires Fannie Mae and Freddie Mac to begin purchasing these portable mortgages.
Rep. Tom Kean Jr. introduced the MOVE Act to address the housing 'lock-in' effect. The legislation would mandate that government-sponsored enterprises Fannie Mae and Freddie Mac support portable mortgages, allowing families to move without losing historically low interest rates.
FHFA Director Bill Pulte confirmed the agency is 'actively evaluating' portable mortgages. This policy would allow Americans to transfer their mortgage rate and lender to a new home, potentially saving thousands and encouraging mobility in a stagnant market.
No votes or related bills recorded for this bill yet.
Document Type
Congressional Bill
Official Title
MOVE Act
Analysis generated by AI. Always verify with official sources.