Kean introduces MOVE Act to make mortgages portable, ease housing market

Key facts

Bill name: Making Ownership Viable for Everyone (MOVE) Act
Sponsor: Rep. Tom Kean Jr. (R, NJ-07)
Core provision: Requires Fannie Mae and Freddie Mac to purchase portable mortgages
FHFA stance: Agency 'actively evaluating' portable mortgages
Average NJ home price (April 2026): $535,000
Previous Kean housing initiative: Make American Housing Affordable (MAHA) Act

Background

WASHINGTON – Rep. Tom Kean Jr. (R, NJ-07) has introduced the Making Ownership Viable for Everyone (MOVE) Act, legislation that would make portable mortgages widely available by requiring 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 new loan at today's higher rates.

Kean argues the change would help break the logjam that has frozen much of the housing market. He noted that many constituents have told him they are 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.

Current situation

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. Kean believes his proposal offers a solution.

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.

Housing market indicators
Indicator	Value
Average New Jersey home price (April 2026)	$535,000
SALT deduction increase (2025 reconciliation)	$40,000

Figures as reported in the source.

Impacts

Portable mortgages are still rare in the United States, and implementing them would require significant changes to the secondary mortgage market. The requirement for Fannie Mae and Freddie Mac to purchase such loans would be a major shift in how mortgages are traded.

If the MOVE Act becomes law, homeowners with low-rate mortgages could move without losing their favorable terms, potentially increasing housing supply. This could help address the scarcity of available homes and moderate price growth, benefiting prospective buyers.

New Jersey, one of the hardest places in America to purchase a home, could see particular effects. As of April 2026, the average New Jersey home price hit $535,000, making affordability a pressing issue for many families.

Future outlook

Scenario analysis: The possibilities below are not certain predictions.

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. However, the legislative path remains uncertain.

If the MOVE Act gains bipartisan support and passes, it could take effect after significant regulatory adjustments by FHFA and the enterprises. The timeline for implementation is unclear, and the secondary mortgage market would need to adapt to the new requirements.

Alternatively, if the administration's evaluation leads to administrative action rather than legislation, portable mortgages could become available through FHFA rulemaking. The outcome depends on political and regulatory developments, and the impact on housing affordability and mobility remains to be seen.

Source: savejersey.com

AMRIT EXPLAINER