美国房屋开工率一月份大幅上升，创一年多新高，原因是抵押贷款利率下降。

美国房屋开工率一月份大幅上升，创一年多新高，原因是抵押贷款利率下降。
US Housing Starts Highest In Over A Year As Mortgage Rates Tumbled In January

原始链接: https://www.zerohedge.com/personal-finance/us-housing-starts-highest-over-year-mortgage-rates-tumbled-january

抵押贷款利率下跌（在战争开始前）以及对可负担性的自上而下的推动，1月份的房屋开工量好于预期，而更具前瞻性的建筑许可令人失望，降幅超出预期。初步数据显示，1月份房屋开工量增加7.2k（远高于预期的环比下降4.5％），建筑许可环比下降5.4％（低于预期的下降3.1％）。来源：彭博社这使房屋开工量的季节性调整年化总数达到自2024年12月以来的最高水平，但建筑许可下降至自2025年8月以来的最低水平。来源：彭博社具体来看，多户型建筑许可环比下降13.5％（自2023年6月以来最大降幅），而多户型房屋开工量环比飙升29.1％。来源：彭博社自2022年8月以来的最低抵押贷款利率可能有助于激发建筑商的建设意愿。总体而言，情况喜忧参半，鉴于国债收益率飙升对当前抵押贷款利率的影响，很难进行预测。

With mortgage rates tumbling (before the war started) and a top-down push for affordability, Housing Starts printed better than expected for January while the more forward-looking Building Permits disappointed, falling more than expected.

Starts rose 7.2k in preliminary January data (far greater than the 4.5% MoM decline expected while Permits plunged 5.4% MoM (worse than the 3.1% decline expected)...

Source: Bloomberg

This pushed the SAAR totals for Starts to their highest since Dec 2024, but Building Permits fell to their lowest since Aug 2025...

Source: Bloomberg

Under the hood, Multi-Family Permits plunged 13.5% MoM (biggest drop since June 2023) while Multi-Family Starts soared 29.1% MoM...

Source: Bloomberg

The lowest mortgage rate since Aug 2022 likely helped spark homebuilder appetite to start building...

A mixed bag overall, and tough to project given the impact of surging Treasury yields on the mortgage rates currently.

美国房屋开工率一月份大幅上升，创一年多新高，原因是抵押贷款利率下降。 US Housing Starts Highest In Over A Year As Mortgage Rates Tumbled In January

美国房屋开工率一月份大幅上升，创一年多新高，原因是抵押贷款利率下降。
US Housing Starts Highest In Over A Year As Mortgage Rates Tumbled In January