<p>根据 Realtor.com 最新关于锁定效应的报告，首次出现了抵押贷款利率超过 6% 的房主数量超过了利率低于 3% 的房主数量。</p>
<p>上一次利率低于 3% 的时间是在 2020 年 7 月至 2021 年 9 月之间。自 1971 年以来，利率未曾低于这一门槛。自 2022 年 9 月以来，利率一直保持在 6% 以上，这使得许多潜在卖家被 “锁定” 在当前利率中，潜在买家则被迫观望，从而阻碍了美国的住房供应。由于库存有限，竞争加剧，房价保持在高位，这进一步加剧了可负担性挑战。</p>
<p>但这种动态开始发生变化，因为拥有低借款利率的房主数量在减少。例如，在 2025 年第三季度，20% 的未偿还抵押贷款的利率低于 3%，Realtor.com 高级经济学家汉娜·琼斯在关于市场动态变化的报告中写道。</p>
<p><strong>特朗普住房计划可能为美国人带来 ‘重大胜利’，普尔特表示</strong></p>
<p>在同一时期，21.2% 的未偿还抵押贷款的利率超过 6%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/08/931/523/houses.jpg/query-dGw9MSZ2ZT0x?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/08/931/523/houses.jpg/query-dGw9MSZ2ZT0x"/></p>
<p>上一次利率低于 3% 的时间是在 2020 年 7 月至 2021 年 9 月之间。(林赛·尼科尔森/UCG/环球图片集团 via Getty Images)</p>
<p>大约 31.5% 的未偿还抵押贷款的利率在 3% 到 4% 之间。同时，17.1% 在 4% 到 5% 之间。约 10.2% 在 5% 到 6% 之间，根据数据。</p>
<p>这突显了房主们在更高利率下申请抵押贷款，而不是保持超低利率的旧贷款，从而帮助减少疫情期间的 “锁定效应”。</p>
<p><strong>全国范围内的托管付款上升，房屋拥有权变得更加难以实现</strong></p>
<p>琼斯认为，重新平衡表明一些家庭在预期利率降低的情况下推迟搬家的决定，在利率回落时选择了行动，“尽管借款成本仍然较高，但时机似乎更为有利。” 她还认为，一些买家可能能够锁定或再融资在 6% 以下，从而提升了 5%-6% 的比例。</p>
<p><img src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/10/931/523/home-for-sale-california-getty.jpg/query-dGw9MSZ2ZT0x?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/10/931/523/home-for-sale-california-getty.jpg/query-dGw9MSZ2ZT0x"/></p>
<p>大约 31.5% 的未偿还抵押贷款的利率在 3% 到 4% 之间。(马里奥·塔马/Getty Images)</p>
<p><strong>尽管前景略有改善，2026 年住房市场预计对买家提供的缓解有限</strong></p>
<p>在住房供应出现实质性提升之前，还有很长的路要走。琼斯告诉 FOX 商业，约 80% 的未偿还贷款仍然保持在低于市场的利率，这意味着这些 “房主如果再次出售和购买，将面临显著更高的月供，从而使他们不愿意搬家。”</p>
<p>“在更大比例的房主从超低利率贷款中退出或利率大幅下降之前，市场将继续感受到这种长期锁定的影响，” 琼斯说。</p>
<p><img src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/04/931/523/dc-housing-on-sale.jpg/query-dGw9MSZ2ZT0x?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/04/931/523/dc-housing-on-sale.jpg/query-dGw9MSZ2ZT0x"/></p>
<p>2023 年 11 月 19 日，华盛顿特区一处房屋外的 “开放日” 标志。(内森·霍华德/Bloomberg)</p>
<p>好消息是，市场朝着正确的方向发展，过去一年住房供应有所改善，开始缓解可负担性压力。</p>
<p><strong>点击这里获取 FOX 商业的移动版</strong></p>
<p>事实上，额外的供应使全国市场进入了 “平衡” 区域，一些地方市场被归类为 “买方市场”，琼斯表示。</p>
<p>她表示，新建房屋的库存和新房在库存中的比例超过疫情前水平，帮助填补了这一空缺。</p>

AOMR

<p>美国房地产市场正在发生变化，当前抵押贷款利率超过 6% 的房主数量已超过利率低于 3% 的房主。这一变化是由于长期的锁定效应所驱动，正在影响住房供应和可负担性。目前，80% 的贷款利率低于市场水平，导致许多房主不愿出售房屋。然而，市场正在逐渐改善，住房供应的增加使市场更加平衡，一些地区已成为买方市场。尽管如此，由于借款成本高企，潜在买家仍面临重大挑战</p>

<p>For the first time, the number of homeowners with mortgages above 6% has outpaced those with borrowing rates under 3%, according to Realtor.com's latest report on the lock-in effect.</p>
<div class="lb-trans"><p>根据 Realtor.com 最新关于锁定效应的报告，首次出现了抵押贷款利率超过 6% 的房主数量超过了利率低于 3% 的房主数量。</p>
</div><p>The last time rates were under the 3% threshold was between July 2020 and September 2021. Rates haven't fallen below this threshold since 1971. Since September 2022, rates have remained above 6%, keeping many would-be sellers &#34;locked in&#34; to their current rate and keeping potential buyers sidelined, which hindered the U.S. housing supply. With limited inventory and growing competition for homes, home prices remained elevated, which only exacerbated affordability challenges.</p>
<div class="lb-trans"><p>上一次利率低于 3% 的时间是在 2020 年 7 月至 2021 年 9 月之间。自 1971 年以来，利率未曾低于这一门槛。自 2022 年 9 月以来，利率一直保持在 6% 以上，这使得许多潜在卖家被 “锁定” 在当前利率中，潜在买家则被迫观望，从而阻碍了美国的住房供应。由于库存有限，竞争加剧，房价保持在高位，这进一步加剧了可负担性挑战。</p>
</div><p>But that dynamic is starting to change as fewer homeowners have that low borrowing rate. For instance, in the third quarter of 2025, 20% of outstanding mortgages had an interest rate below 3%, Realtor.com senior economist Hannah Jones wrote in a report on the changing market dynamics.</p>
<div class="lb-trans"><p>但这种动态开始发生变化，因为拥有低借款利率的房主数量在减少。例如，在 2025 年第三季度，20% 的未偿还抵押贷款的利率低于 3%，Realtor.com 高级经济学家汉娜·琼斯在关于市场动态变化的报告中写道。</p>
</div><p><strong>TRUMP HOUSING PLAN COULD BRING ‘BIG WIN’ FOR AMERICANS, PULTE SAYS</strong></p>
<div class="lb-trans"><p><strong>特朗普住房计划可能为美国人带来 ‘重大胜利’，普尔特表示</strong></p>
</div><p>During that same period, 21.2% of outstanding mortgages had an interest rate above 6%.</p>
<div class="lb-trans"><p>在同一时期，21.2% 的未偿还抵押贷款的利率超过 6%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/08/931/523/houses.jpg/query-dGw9MSZ2ZT0x" alt="" original-src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/08/931/523/houses.jpg?ve=1&amp;tl=1"/></p>
<p>The last time rates were under the 3% threshold was between July 2020 and September 2021. (Lindsey Nicholson/UCG/Universal Images Group via Getty Images)</p>
<div class="lb-trans"><p>上一次利率低于 3% 的时间是在 2020 年 7 月至 2021 年 9 月之间。(林赛·尼科尔森/UCG/环球图片集团 via Getty Images)</p>
</div><p>About 31.5% of outstanding mortgages carry interest rates between 3% and 4%. Meanwhile, 17.1% fall in the 4% to 5% range. About 10.2% are between 5% and 6%, according to the data.</p>
<div class="lb-trans"><p>大约 31.5% 的未偿还抵押贷款的利率在 3% 到 4% 之间。同时，17.1% 在 4% 到 5% 之间。约 10.2% 在 5% 到 6% 之间，根据数据。</p>
</div><p>This underscores how homeowners are taking out mortgages at higher rates versus keeping older loans at ultra-low rates, helping to diminish the pandemic-era &#34;lock-in effect.&#34;</p>
<div class="lb-trans"><p>这突显了房主们在更高利率下申请抵押贷款，而不是保持超低利率的旧贷款，从而帮助减少疫情期间的 “锁定效应”。</p>
</div><p><strong>ESCROW PAYMENTS RISING NATIONWIDE WITH HOMEOWNERSHIP LESS ATTAINABLE</strong></p>
<div class="lb-trans"><p><strong>全国范围内的托管付款上升，房屋拥有权变得更加难以实现</strong></p>
</div><p>Jones believes that the rebalancing shows that some households that had delayed moving in anticipation of lower rates jumped when rates softened, &#34;making the timing feel more favorable despite still-elevated borrowing costs.&#34; She also believes some buyers were likely able to lock in or refinance below 6%, boosting the 5%–6% share.</p>
<div class="lb-trans"><p>琼斯认为，重新平衡表明一些家庭在预期利率降低的情况下推迟搬家的决定，在利率回落时选择了行动，“尽管借款成本仍然较高，但时机似乎更为有利。” 她还认为，一些买家可能能够锁定或再融资在 6% 以下，从而提升了 5%-6% 的比例。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/10/931/523/home-for-sale-california-getty.jpg/query-dGw9MSZ2ZT0x" alt="" original-src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/10/931/523/home-for-sale-california-getty.jpg?ve=1&amp;tl=1"/></p>
<p>About 31.5% of outstanding mortgages carry interest rates between 3% and 4%. (Mario Tama/Getty Images)</p>
<div class="lb-trans"><p>大约 31.5% 的未偿还抵押贷款的利率在 3% 到 4% 之间。(马里奥·塔马/Getty Images)</p>
</div><p><strong>HOUSING MARKET EXPECTED TO OFFER LITTLE RELIEF FOR BUYERS IN 2026 DESPITE MODEST IMPROVEMENTS AHEAD</strong></p>
<div class="lb-trans"><p><strong>尽管前景略有改善，2026 年住房市场预计对买家提供的缓解有限</strong></p>
</div><p>There is still a long way to go before there is a meaningful boost in housing supply. Jones told FOX Business that about 80% of outstanding loans still carry below-market rates, which means those &#34;homeowners would face significantly higher monthly payments if they sold and bought again, keeping them reluctant to move.&#34;</p>
<div class="lb-trans"><p>在住房供应出现实质性提升之前，还有很长的路要走。琼斯告诉 FOX 商业，约 80% 的未偿还贷款仍然保持在低于市场的利率，这意味着这些 “房主如果再次出售和购买，将面临显著更高的月供，从而使他们不愿意搬家。”</p>
</div><p>&#34;Until a much larger proportion of homeowners cycle out of ultra-low-rate loans or rates materially decline, the market will continue to feel the impact of this prolonged lock-in,&#34; Jones said.</p>
<div class="lb-trans"><p>“在更大比例的房主从超低利率贷款中退出或利率大幅下降之前，市场将继续感受到这种长期锁定的影响，” 琼斯说。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/04/931/523/dc-housing-on-sale.jpg/query-dGw9MSZ2ZT0x" alt="" original-src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2025/04/931/523/dc-housing-on-sale.jpg?ve=1&amp;tl=1"/></p>
<p>An &#34;Open House&#34; sign outside of a home in Washington, DC, US, on Sunday, Nov. 19, 2023. (Nathan Howard/Bloomberg)</p>
<div class="lb-trans"><p>2023 年 11 月 19 日，华盛顿特区一处房屋外的 “开放日” 标志。(内森·霍华德/Bloomberg)</p>
</div><p>The good news is that the market is moving in the right direction with housing supply improving over the past year and beginning to ease the affordability crunch.</p>
<div class="lb-trans"><p>好消息是，市场朝着正确的方向发展，过去一年住房供应有所改善，开始缓解可负担性压力。</p>
</div><p><strong>GET FOX BUSINESS ON THE GO BY CLICKING HERE</strong></p>
<div class="lb-trans"><p><strong>点击这里获取 FOX 商业的移动版</strong></p>
</div><p>In fact, the additional supply has tipped the national market into &#34;balanced&#34; territory, with some local markets being classified as a &#34;buyer’s market,&#34; according to Jones.</p>
<div class="lb-trans"><p>事实上，额外的供应使全国市场进入了 “平衡” 区域，一些地方市场被归类为 “买方市场”，琼斯表示。</p>
</div><p>She credited new-construction inventory and new-home share of inventory climbing beyond pre-pandemic levels for helping to fill the gap.</p>
<div class="lb-trans"><p>她表示，新建房屋的库存和新房在库存中的比例超过疫情前水平，帮助填补了这一空缺。</p>
</div>

房地产市场正处于转折点：3% 抵押贷款的时代正在逐渐消退