WASHINGTON, D.C. – For millions of homeowners, today’s housing market presents a frustrating dilemma: move and lose a 3% mortgage, or stay put in a home that no longer fits their family’s needs.
Rep. Tom Kean Jr. (R, NJ-07) believes he has a solution.
The New Jersey congressman this week introduced the Making Ownership Viable for Everyone (MOVE) Act, legislation that would make portable mortgages widely available for Americans by requiring both Fannie Mae and Freddie Mac to purchase them. The proposal would allow homeowners to transfer their existing mortgage’s interest rate, remaining balance, and loan term to a new home instead of taking out a brand-new loan at today’s significantly higher rates.
Kean argues the change would help break the logjam that has frozen much of the housing market.
“Homeownership is one of the most important ways New Jersey families build equity, stability, and long-term financial security,” Kean said. He noted that many constituents have told him they’re effectively trapped because moving would mean surrendering historically low mortgage rates secured just a few years ago.
The legislation arrives as the Trump administration is exploring the same concept. Last year, William Pulte, Director of the Federal Housing Finance Agency (FHFA), announced that the agency is “actively evaluating” portable mortgages as a way to improve housing affordability and mobility.
If adopted, supporters say portable mortgages could encourage more homeowners to list properties that no longer meet their needs, increasing inventory in a market where available homes remain scarce. More homes for sale could, in turn, ease upward pressure on prices without relying on costly new federal spending.
The proposal is the latest in a series of housing initiatives from Kean. He previously introduced the Make American Housing Affordable (MAHA) Act and successfully fought to increase the federal State and Local Tax (SALT) deduction to as much as $40,000 for many New Jersey homeowners in the 2025 reconciliation package.
Portable mortgages are still rare in the United States, and implementing them would require significant changes to the secondary mortgage market. But with both Congress and the Trump administration now examining the idea, a once-obscure reform is quickly moving into the mainstream as policymakers search for ways to unlock America’s frozen housing market.
The Garden State is one of the hardest places in America to purchase a home; as of April 2026, the average New Jersey home price hit $535,000.
