<p>根據 Realtor.com 最新關於鎖定效應的報告，首次出現了抵押貸款利率超過 6% 的房主數量超過了利率低於 3% 的房主數量。</p>
<p>上一次利率低於 3% 的時間是在 2020 年 7 月至 2021 年 9 月之間。自 1971 年以來，利率未曾低於這一門檻。自 2022 年 9 月以來，利率一直保持在 6% 以上，這使得許多潛在賣家被 “鎖定” 在當前利率中，潛在買家則被迫觀望，從而阻礙了美國的住房供應。由於庫存有限，競爭加劇，房價保持在高位，這進一步加劇了可負擔性挑戰。</p>
<p>但這種動態開始發生變化，因為擁有低借款利率的房主數量在減少。例如，在 2025 年第三季度，20% 的未償還抵押貸款的利率低於 3%，Realtor.com 高級經濟學家漢娜·瓊斯在關於市場動態變化的報告中寫道。</p>
<p><strong>特朗普住房計劃可能為美國人帶來 ‘重大勝利’，普爾特表示</strong></p>
<p>在同一時期，21.2% 的未償還抵押貸款的利率超過 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>上一次利率低於 3% 的時間是在 2020 年 7 月至 2021 年 9 月之間。(林賽·尼科爾森/UCG/環球圖片集團 via Getty Images)</p>
<p>大約 31.5% 的未償還抵押貸款的利率在 3% 到 4% 之間。同時，17.1% 在 4% 到 5% 之間。約 10.2% 在 5% 到 6% 之間，根據數據。</p>
<p>這突顯了房主們在更高利率下申請抵押貸款，而不是保持超低利率的舊貸款，從而幫助減少疫情期間的 “鎖定效應”。</p>
<p><strong>全國範圍內的託管付款上升，房屋擁有權變得更加難以實現</strong></p>
<p>瓊斯認為，重新平衡表明一些家庭在預期利率降低的情況下推遲搬家的決定，在利率回落時選擇了行動，“儘管借款成本仍然較高，但時機似乎更為有利。” 她還認為，一些買家可能能夠鎖定或再融資在 6% 以下，從而提升了 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>大約 31.5% 的未償還抵押貸款的利率在 3% 到 4% 之間。(馬里奧·塔馬/Getty Images)</p>
<p><strong>儘管前景略有改善，2026 年住房市場預計對買家提供的緩解有限</strong></p>
<p>在住房供應出現實質性提升之前，還有很長的路要走。瓊斯告訴 FOX 商業，約 80% 的未償還貸款仍然保持在低於市場的利率，這意味着這些 “房主如果再次出售和購買，將面臨顯著更高的月供，從而使他們不願意搬家。”</p>
<p>“在更大比例的房主從超低利率貸款中退出或利率大幅下降之前，市場將繼續感受到這種長期鎖定的影響，” 瓊斯説。</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，華盛頓特區一處房屋外的 “開放日” 標誌。(內森·霍華德/Bloomberg)</p>
<p>好消息是，市場朝着正確的方向發展，過去一年住房供應有所改善，開始緩解可負擔性壓力。</p>
<p><strong>點擊這裏獲取 FOX 商業的移動版</strong></p>
<p>事實上，額外的供應使全國市場進入了 “平衡” 區域，一些地方市場被歸類為 “買方市場”，瓊斯表示。</p>
<p>她表示，新建房屋的庫存和新房在庫存中的比例超過疫情前水平，幫助填補了這一空缺。</p>

AOMR

<p>美國房地產市場正在發生變化，當前抵押貸款利率超過 6% 的房主數量已超過利率低於 3% 的房主。這一變化是由於長期的鎖定效應所驅動，正在影響住房供應和可負擔性。目前，80% 的貸款利率低於市場水平，導致許多房主不願出售房屋。然而，市場正在逐漸改善，住房供應的增加使市場更加平衡，一些地區已成為買方市場。儘管如此，由於借款成本高企，潛在買家仍面臨重大挑戰</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>根據 Realtor.com 最新關於鎖定效應的報告，首次出現了抵押貸款利率超過 6% 的房主數量超過了利率低於 3% 的房主數量。</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>上一次利率低於 3% 的時間是在 2020 年 7 月至 2021 年 9 月之間。自 1971 年以來，利率未曾低於這一門檻。自 2022 年 9 月以來，利率一直保持在 6% 以上，這使得許多潛在賣家被 “鎖定” 在當前利率中，潛在買家則被迫觀望，從而阻礙了美國的住房供應。由於庫存有限，競爭加劇，房價保持在高位，這進一步加劇了可負擔性挑戰。</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>但這種動態開始發生變化，因為擁有低借款利率的房主數量在減少。例如，在 2025 年第三季度，20% 的未償還抵押貸款的利率低於 3%，Realtor.com 高級經濟學家漢娜·瓊斯在關於市場動態變化的報告中寫道。</p>
</div><p><strong>TRUMP HOUSING PLAN COULD BRING ‘BIG WIN’ FOR AMERICANS, PULTE SAYS</strong></p>
<div class="lb-trans"><p><strong>特朗普住房計劃可能為美國人帶來 ‘重大勝利’，普爾特表示</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>在同一時期，21.2% 的未償還抵押貸款的利率超過 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>上一次利率低於 3% 的時間是在 2020 年 7 月至 2021 年 9 月之間。(林賽·尼科爾森/UCG/環球圖片集團 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>大約 31.5% 的未償還抵押貸款的利率在 3% 到 4% 之間。同時，17.1% 在 4% 到 5% 之間。約 10.2% 在 5% 到 6% 之間，根據數據。</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>這突顯了房主們在更高利率下申請抵押貸款，而不是保持超低利率的舊貸款，從而幫助減少疫情期間的 “鎖定效應”。</p>
</div><p><strong>ESCROW PAYMENTS RISING NATIONWIDE WITH HOMEOWNERSHIP LESS ATTAINABLE</strong></p>
<div class="lb-trans"><p><strong>全國範圍內的託管付款上升，房屋擁有權變得更加難以實現</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>瓊斯認為，重新平衡表明一些家庭在預期利率降低的情況下推遲搬家的決定，在利率回落時選擇了行動，“儘管借款成本仍然較高，但時機似乎更為有利。” 她還認為，一些買家可能能夠鎖定或再融資在 6% 以下，從而提升了 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>大約 31.5% 的未償還抵押貸款的利率在 3% 到 4% 之間。(馬里奧·塔馬/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>儘管前景略有改善，2026 年住房市場預計對買家提供的緩解有限</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>在住房供應出現實質性提升之前，還有很長的路要走。瓊斯告訴 FOX 商業，約 80% 的未償還貸款仍然保持在低於市場的利率，這意味着這些 “房主如果再次出售和購買，將面臨顯著更高的月供，從而使他們不願意搬家。”</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>“在更大比例的房主從超低利率貸款中退出或利率大幅下降之前，市場將繼續感受到這種長期鎖定的影響，” 瓊斯説。</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，華盛頓特區一處房屋外的 “開放日” 標誌。(內森·霍華德/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，市場朝着正確的方向發展，過去一年住房供應有所改善，開始緩解可負擔性壓力。</p>
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<div class="lb-trans"><p><strong>點擊這裏獲取 FOX 商業的移動版</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>事實上，額外的供應使全國市場進入了 “平衡” 區域，一些地方市場被歸類為 “買方市場”，瓊斯表示。</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，新建房屋的庫存和新房在庫存中的比例超過疫情前水平，幫助填補了這一空缺。</p>
</div>

房地產市場正處於轉折點：3% 抵押貸款的時代正在逐漸消退