Congress is considering a major change to how mortgages work — one that speaks directly to something so many Palm Beach County homeowners are quietly weighing: would we move if we didn't have to give up our rate?
If you've told yourself "we'd love to move, but I'm not giving up my mortgage rate," you're not alone, and you're not wrong to think that way. Right now, giving up a 2–4% mortgage to buy at today's rates is one of the biggest reasons homeowners across Jupiter, Palm Beach Gardens, North Palm Beach, Juno Beach, and Singer Island are staying put in homes that no longer fit their lives.
A new bill in Congress, the MOVE Act, is aimed directly at that problem. It's not law. It's early. But the idea behind it is worth understanding now.
The Problem: Mortgage Rate Lock-In
Economists call it "lock-in," and the numbers behind it are significant. FHFA researchers estimate that lock-in prevented roughly 1.72 million home sales between Q2 2022 and Q2 2024, and that every 1-percentage-point gap between a homeowner's current rate and today's rates reduces their likelihood of selling by about 18.1%.
As of early September 2026, Freddie Mac's average 30-year fixed rate sits around 6.71%. So a homeowner with a 3% rate has an enormous financial incentive to stay exactly where they are — even if their home no longer fits their life.
What the MOVE Act Would Actually Do
H.R. 10028, introduced August 3, 2026 by Rep. Thomas Kean Jr. (R-NJ), centers on the concept of a portable mortgage — transferring your existing rate, balance, and terms to a new home instead of paying off your old loan and taking out a brand-new one at today's rates.
Here's a simplified example: say a homeowner in Palm Beach Gardens has $400,000 remaining on a 3.0% mortgage with about 25 years left, and wants to buy a $900,000 home in Jupiter. Under the concept the bill envisions, they could potentially move that $400,000 balance at 3% onto the new home, rather than financing the whole purchase at 2026 rates. They'd still need to cover the difference through equity, cash, or additional financing — the bill doesn't spell out those mechanics yet.
Introduced August 3, 2026 → referred to House Financial Services Committee → no committee action beyond referral → no House floor vote → no Senate action → not law → not available to any homeowner today.
What the Bill Text Actually Says vs. the Headlines
Because of my paralegal background, this is the part I read closely before I ever repeat a headline to a client — and it's the part getting glossed over in a lot of coverage.
The MOVE Act does not say every homeowner with a Fannie Mae or Freddie Mac loan automatically gets to take their rate with them. The actual language applies to conventional mortgages "under which the mortgagor is permitted by mortgagee" to transfer the rate, balance, and terms. In plain English: the bill directs Fannie Mae and Freddie Mac to build a secondary market that supports portable mortgages when a lender allows one — it does not rewrite the millions of mortgage contracts that already exist.
That distinction matters. A more accurate way to describe this to a friend or client right now is:
- "Congress is considering legislation designed to make portable mortgages widely available" — accurate.
- "Congress is letting you take your existing 3% mortgage with you" — not accurate, not yet.
There's also a second, more cautious bill sitting in the same committee — the Take Your Rate Act (H.R. 7754) — which would direct HUD and FHFA to study mortgage portability rather than requiring Fannie and Freddie to act on it immediately. Both remain in committee with no scheduled votes.
Why This Matters If You're Thinking About Relocating
If you've been holding off on a move because you didn't want to trade a low rate for a 6–7% one, this is exactly the kind of legislation worth watching. If portable mortgages become widely available, the conversation shifts from "can I afford the new rate?" to "can I bring my current rate with me?" That could open up options in Jupiter, North Palm Beach, and beyond that don't pencil out under today's financing rules.
Why this may matter even more if you're ready to downsize
Picture a couple in a $900,000 Palm Beach Gardens home who'd be happier in a $600,000 villa or condo, but refinanced $250,000 at 2.75% back in 2021. Right now, selling means giving up that rate entirely. If portability moves forward, that financial barrier to downsizing could ease — meaning the decision comes down to lifestyle, not just loan math. Curious what day-to-day life is actually like in any of these towns?
What to Do While We Wait for Congress
This bill is far too early to build a move or a financial plan around. But the underlying question is worth asking yourself now: are you staying in a house that no longer fits because you're afraid to give up your mortgage rate? That's a conversation worth having regardless of whether H.R. 10028 ever becomes law — and it's one I have with relocation and downsizing clients every week.
Thinking About Your Next Move?
Whether you're relocating into Palm Beach County or ready to downsize out of a home that no longer fits, let's talk through what your numbers actually look like today — rate lock-in included.
Book a Relocation Strategy Call Schedule a Consultation
Amanda Sweetz, REALTOR® | SRS | CPRES
Amanda is a REALTOR® with Keller Williams Realty of the Palm Beaches, serving Jupiter, Palm Beach Gardens, Juno Beach, North Palm Beach, and Singer Island. With nearly a decade of paralegal experience and specialized certifications in probate and seller representation, Amanda brings legal-minded precision to every transaction. Your Next Chapter Is Your Best™. Call or text (561) 406-4557 or email amandasweetz@kw.com.