# Portable Mortgages: How the MOVE Act Could Unlock Housing

By Derek Berry (@derekberry) · Published 2026-08-18

Canonical: https://voce.com/@derekberry/portable-mortgages-move-act-unlock-housing-gdq387

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## Why home affordability is getting renewed attention

Home affordability is a topic we keep circling back to, and for good reason. Down payment assistance programs are emerging at the federal, state, and city level. Lending institutions are rolling out products with low-to-no down payment options. Tax codes on both state and federal levels are written to provide benefits.

One of the most promising ideas I've come across is the **portable mortgage proposal**. On **August 3, 2026**, Congressman **Tom Kean, Jr. (NJ-07)** introduced the _MOVE Act_ to make portable mortgages accessible nationwide ([Kean Press Release](https://kean.house.gov/media/press-releases/kean-introduces-legislation-make-portable-mortgages-accessible)). It's already happening in other countries, like Canada. For the US market, though, it's a new concept.

## What a portable mortgage actually is

A portable mortgage lets you keep your existing mortgage but transfer it to a new property you want to buy. You keep the same **rate, balance, and term**. The collateral securing the debt simply switches to your new home, and you pay the difference in price.

That's exactly what the **MOVE Act (HR 10028)** aims to make standard. Introduced by Congressman Tom Kean, Jr., the bill would require **Fannie Mae and Freddie Mac** to begin purchasing portable mortgages, creating a uniform process for lenders nationwide ([Kean Press Release](https://kean.house.gov/media/press-releases/kean-introduces-legislation-make-portable-mortgages-accessible)).

“Homeownership is one of the most important ways New Jersey families build equity, stability, and long-term financial security,” said Congressman Kean. “I wrote this bill, the _MOVE Act_, to give homeowners more freedom, help put more homes on the market, and make the American Dream of owning a home more attainable for families across New Jersey.” ([Kean Press Release](https://kean.house.gov/media/press-releases/kean-introduces-legislation-make-portable-mortgages-accessible))

## Where the lock-in problem comes from

Here's why this matters. During the 2020–2022 period, rates hit **historic lows** — most mortgages written during that stretch came in under 4%. As of **August 6, 2026**, the 30-year fixed-rate mortgage averaged **6.69%**, according to Freddie Mac's Primary Mortgage Market Survey ([Fox Business](https://www.foxbusiness.com/economy/mortgage-rates-8-6-2026)).

That gap — sub-4% vs. 6.69% — creates real reluctance to give up a low rate. And that's the problem a portable mortgage solves: you don't have to.

## What first-time buyers already get

The MOVE Act primarily helps existing homeowners, not first-time buyers. But first-time buyers already have meaningful advantages in the marketplace:

-   On Conventional Loans, **LLPAs (loan level price adjustments)** are reduced for first-time buyers or anyone who hasn't owned in the past 3 years — which means a lower rate or reduced borrowing costs.
    
-   You can put down **3% on a Conventional Loan** as a first-time buyer when others have to put down a minimum of 5%.
    
-   **Community and private down payment assistance** programs exist with rates as low as 0%, sometimes even forgivable.
    

There are a lot of programs available if you can budget, have decent credit, and can come up with a little money depending on the contract structure. In the last month alone, I've put **3 people into homes with less than $2,000 out of pocket**.

## Why portable mortgages are worth watching

Portable mortgages could be a key to **unlocking the housing market for existing homeowners**. If they take hold, we could even see a new industry of second mortgages emerge to bridge the gap between sellers and their existing mortgage debt.

It would help continue affordable ownership while introducing a new level of flexibility. It's an innovation that supports homeowners who built equity at the right time and now want to move without kissing their rate goodbye.