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Online Broker E-Trade Introduces 'Portable' Mortgage Rate Lock-In.

By Chris Baker, The Washington Times Knight Ridder/Tribune Business News

Jun. 10--Online broker E-Trade Group Inc. announced yesterday it will begin selling a "portable" mortgage that allows borrowers to lock in current rates, which hit 40-year lows last week, and then transfer the rates to the next home they purchase.

The product, dubbed "Mortgage on the Move," is the first of its kind in the United States, E-Trade executives and analysts said. Portable mortgages are common in other countries, including Australia and Ireland.

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