The lock-in effect describes owners who would like to move but cannot afford to give up a cheap fixed-rate mortgage taken out when rates were low. They stay put, which starves the market of the very homes that trade-up buyers want.
锁定效应 —— 形容那些想换房、却舍不得放弃
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| 7.4% | US pending home sales fall to a 12-year low as mortgage rates top 7% 锁定效应 —— 形容那些想换房、却舍不得放弃 · 第 8 张术语卡 | When the market rate is 7.4% and millions of owners pay far less, moving means voluntarily accepting a much bigger monthly payment — so fewer homes come to market at all. 锁定效应同时压制供给和需求：卖房的人少了（供给收缩），能卖的人也不敢接新贷款（需求收缩），结果成交萎缩、库存缓慢累积。它还有一个副作用 —— 卖旧买新的人会格外在意「新贷款利率 vs 旧贷款利率」的差，于是整个市场的价格发现变慢。这个效应在利率回落时才会解除，一旦降到旧贷款利率附近，房源会集中释放。 |