Congress Introduced Bill to Make Mortgages Portable
The proposed MOVE Act aims to increase housing market inventory by allowing homeowners to transfer existing rates.
Updated on Oct. 1, 2026 in Residential
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Representative Tom Kean Jr. introduced H.R. 10028, the Making Ownership Viable for Everyone Act, on August 3, 2026. The legislation seeks to help homeowners move by transferring their current interest rates to new, conventional properties.
Why it matters
The bill aims to alleviate the lock-in effect for homeowners with low interest rates, potentially increasing housing market inventory for buyers. Current market conditions, including rates exceeding 7 percent in September 2026, have discouraged many owners from selling.
The proposed MOVE Act mandates that Fannie Mae and Freddie Mac facilitate portable mortgages within 180 days of enactment. Borrowers must close on a new home within 90 days of selling their current property to transfer their original rate.
The players
Tom Kean Jr.
He is the U.S. Representative who sponsored the Making Ownership Viable for Everyone Act.
House Financial Services Committee
This is the congressional body currently reviewing the proposed mortgage legislation.
Fannie Mae
This government-sponsored enterprise would be required to buy and bundle portable mortgages under the new bill.
Freddie Mac
This government-sponsored enterprise is tasked with purchasing mortgage-backed securities under the proposed legislation.
The details
Under the current proposal, the bill excludes VA, FHA, and USDA loans, applying only to conventional mortgages. The legislation is currently awaiting review by the House Financial Services Committee following its introduction.
Timeline
Representative Tom Kean Jr. introduced H.R. 10028 on August 3, 2026.
Charleston housing inventory fell to 1,507 homes in August 2026.
Thirty-year fixed mortgage rates exceeded 7 percent in September 2026.
The House of Representatives entered recess in late September 2026.
Midterm elections are scheduled to occur in November 2026.
Culture Shift
The introduction of the Making Ownership Viable for Everyone Act reflects a broader societal attempt to resolve housing supply shortages caused by high interest rates. It positions legislative intervention as a tool to counteract long-term trends of market stagnation.
Homeowners currently locked into low mortgage rates may eventually find more flexibility to sell their properties without losing their financing terms. This could increase the number of homes available for purchase in currently inventory-constrained markets like Charleston.
The takeaway
This bill highlights a significant legislative attempt to break the cycle of low housing inventory caused by homeowners holding onto older, low-rate mortgages. Buyers and sellers should monitor the progress of the MOVE Act as it remains stalled pending further committee action.
What happens next
The House Financial Services Committee is not expected to advance the legislation until after the midterm elections in November 2026.
Further reading
For broader context on current housing trends, visit the Residential section.
Source note: This article includes information reported by Post and Courier.
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Should homeowners be permitted to transfer their existing mortgage interest rates to a new home purchase?
