Mortgage Rate Reduction Act

HR 9379, titled the "Mortgage Rate Reduction Act," is a procedural bill that does not lower mortgage interest rates. Instead, it amends existing laws to allow the Federal Housing Administration (FHA), Department of Veterans Affairs (VA), and Department of Agriculture (USDA) to insure or guarantee *second mortgages* on properties where a first mortgage is already insured or guaranteed. This change aims to make it easier for new homebuyers to assume the original first mortgage when purchasing a property. The bill also requires these agencies to publish a public online list of all insured/guaranteed properties, including addresses and origination dates, within one year of enactment. It directly affects homeowners selling properties with existing insured mortgages and potential buyers seeking to assume those loans.