According to the latest Case-Shiller report, U.S. home prices continued a seventh consecutive monthly rise to a new record high, up 3.9% annually against minimal housing inventory as owners remain locked into low mortgage rates. American Banker Staff Writer Kyle Campbell asserts that mortgage portability — transferring rates and terms when moving to a new property — could assist, though adopting this common European/Canadian policy in America won't be "a quick solution."
Enacting portability may take one to two years, requiring Congressional backing and a lawmaker to really "champion" it forward, Campbell says. In the meantime, he advocates enabling more "creative solutions" like assumable mortgages, allowing buyers to take over the previous owner's mortgage.
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