上周，抵押贷款利率升至近三年来的最高水平，导致整体需求下降。然而，风险更高的抵押贷款却在现有需求中占比持续上升。
Mortgage rates moved to the highest level in nearly three years last week, causing overall demand to drop. Riskier mortgages, however, continue to gain a growing share of what demand there is.
根据抵押银行家协会（MBA）的季节性调整指数，上周抵押贷款申请总量较前一周下降2.75。与一年前同周相比，下降幅度达到37.5%。
Total mortgage application volume dropped 2.75 last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. It is also 37.5% lower than the same week one year ago.
符合贷款余额限制（832,750美元或以下）的30年固定利率抵押贷款的平均合同利率，从7.49%上升至7.50%，点数从0.84降至0.83（含发放费），首付比例为20%。该利率较一年前高出超过一个百分点。
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $832,750 or less, increased to 7.50% from 7.49%, with points decreasing to 0.83 from 0.84, including the origination fee, for loans with a 20% down payment. The rate was more than a full percentage point higher than it was a year ago.
“因此，借款人继续更多地依赖ARM（可调整利率抵押贷款）贷款以降低月供，”MBA经济学家乔尔·坎在一份声明中表示。“ARM占比达到10.5%，为2025年10月以来的最高水平。”ARM提供较低的利率，且可固定利率长达10年，但之后将根据未来利率进行调整。这就是它们被视为风险更高的原因。
"As a result, borrowers continue to rely more on ARM [adjustable-rate mortgage] loans to help lower their monthly payments," said Joel Kan, an MBA economist in a release. "The ARM share at 10.5 percent was at its highest level since October 2025." ARMs offer lower interest rates and can be fixed for up to 10 years, but then they adjust depending on future interest rates. That is why they are considered riskier.
由于利率上升，再融资房屋贷款的申请受影响最大，因为符合条件的借款人群体在缩小，如今能获得更多缓解。这些申请本周下降0.4%，年比下降56%。
Applications to refinance a home loan have been hit hardest by higher rates, as a shrinking pool of borrowers can now find much relief. These applications dropped 0.4% for the week and were 56% lower year-over-year.
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购房抵押贷款申请本周下降4%，较一年前同周下降16%。目前市场上待售住房增多，但主要集中在高端市场。供应增加并非源于新增挂牌，而是因销售放缓。房价也继续上涨。
Applications for a mortgage to purchase a home fell 4% for the week and were 16% lower than the same week one year ago. There are more homes available for sale now, but mostly on the higher end of the market. Supply is also rising not because of new listings, but because of slower sales. Home prices also continue to rise.
根据美国房地产经纪人协会（NAR）周二发布的一份报告，尽管8月份已成交的房屋销售量相比7月份仅微幅上升，但这些销售数据反映的是夏季的市场状况，当时抵押贷款利率较低。
While closed home sales rose very slightly in August from July, according to a report Tuesday from the National Association of Realtors, those sales were based on market conditions over the summer, when rates were lower.
NAR首席经济学家劳伦斯·云在声明中表示：“尽管按季节性因素调整后的月度数据出现小幅增长，但8月和9月是今年房屋销售最为低迷的两个月。”“近几周抵押贷款利率的进一步上升意味着，越来越少的购房者能够符合购房资格。”
"Despite the small monthly gain on a seasonally adjusted basis, August and September marked the two slowest months for home sales this year," said Lawrence Yun, NAR's chief economist in a release. "Further increases in mortgage rates in recent weeks mean fewer buyers can qualify to purchase a home."