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To require a study on the feasibility and potential impacts of portable Federally backed mortgage loans, and for other purposes.
Summary
This bill requires the Department of Housing and Urban Development and the Federal Housing Finance Agency to study the feasibility of making federally backed mortgage loans portable, meaning borrowers could keep their current mortgage interest rate and terms when they move to a new home. The study must examine administrative feasibility, effects on the housing market, regulatory changes needed, how many borrowers would benefit, budgetary impacts, and implications for federal mortgage programs. The agencies may consult with Fannie Mae, Freddie Mac, the FHA, VA, USDA, and mortgage lenders to gather information. They must submit a report to Congress within 180 days containing findings, policy recommendations, a risk and benefit assessment, and any dissenting views.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Barrett, Tom [R-MI-7] (R-MI)
Actions (2)
- Mar 3, 2026 Referred to the House Committee on Financial Services. · house
- Mar 3, 2026 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
March 3, 2026
Mr. Barrett introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To require a study on the feasibility and potential impacts of portable Federally backed mortgage loans, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Take Your Rate Act of 2026”.
SEC. 2. STUDY ON MORTGAGE PORTABILITY.
(a) In General.—The Secretary of Housing and Urban Development and the Director of the Federal Housing Finance Agency shall jointly conduct a study on the feasibility and potential impacts of mortgage loan portability for Federally backed mortgage loans.
(b) Required Considerations.—The study required under subsection
(a) shall include an analysis of—
(1) administrative and operational feasibility;
(2) the effect on the housing market if Federally backed mortgage loans were portable;
(3) any changes to rulemaking and regulations at the Department of Housing and Urban Development and the Federal Housing Finance Agency to allow such mortgages to become portable;
(4) how many current borrowers would benefit from such portable mortgages;
(5) the budgetary impact that such portable mortgages would have on the Federal Government;
(6) the financial safety and soundness implications for federally backed mortgage programs and the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation if such mortgages were portable;
(7) any statutory changes needed, if any;
(8) recommendations on whether a limited demonstration program would be beneficial and how it should be administered;
(9) any other information the Secretary of Housing and Urban Development and the Director of the Federal Housing Finance Agency finds important to include; and
(10) if the Secretary and Director determines that it is not feasible, recommendations regarding similar solutions or alternative program designs that could be administered to provide relief on the housing market.
(c) Consultation.—The Secretary of Housing and Urban Development and the Director of the Federal Housing Finance Agency may consult with the following entities if it would be beneficial for the study and report:
(1) The Federal National Mortgage Association.
(2) The Federal Home Loan Mortgage Corporation.
(3) The Federal Housing Administration.
(4) The Department of Veterans Affairs.
(5) The Department of Agriculture.
(6) Mortgage lenders and servicers.
(7) Any other Federal agencies, departments, or outside industries that it sees as beneficial.
(d) Federally Backed Mortgage Loan Defined.—In this Act, The term “Federally backed mortgage loan” means any loan (other than temporary financing such as a construction loan) that—
(1) is secured by a first or subordinate lien on residential real property (including individual units of condominiums and cooperatives) designed principally for the occupancy of 1 to 4 families, including any such secured loan, the proceeds of which are used to prepay or pay off an existing loan secured by the same property; and
(2) is made in whole or in part, or insured, guaranteed, supplemented, or assisted in any way, by any officer or agency of the Federal Government or under or in connection with a housing or urban development program administered by the Secretary of Housing and Urban Development or a housing or related program administered by any other such officer or agency, or is purchased or securitized by the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association.
SEC. 3. REPORT TO CONGRESS.
Not later than 180 days after the date of enactment of this Act, the Secretary and the Director shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a joint report containing—
(1) the findings of the study required under section 2;
(2) policy recommendations, if any;
(3) an assessment of risks and benefits to taxpayers and financial markets; and
(4) any dissenting views from either agency. <all>
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