Summary
The Trump administration is thinking about introducing portable mortgages, a plan that allows homeowners to transfer their current mortgage rate to a new home. This idea comes after a 50-year mortgage proposal did not gain support. Portable mortgages aim to help homeowners by allowing them to keep lower rates when moving, though some experts caution it may complicate the housing market.
Key Facts
- The Trump administration is considering implementing portable mortgages.
- A portable mortgage lets homeowners move their current mortgage rate to a new home.
- The previous proposal for 50-year mortgages was not successful.
- The median sale price of a home in September was $415,200, and the average interest rate was 6.3%.
- Portable mortgages aim to prevent homeowners from being stuck with a low-rate mortgage on a current home.
- Experts mention that lack of housing supply, not demand, is the main issue in the market.
- Some concerns exist that portable mortgages could increase home prices.
