房地美：美国上周30年期按揭贷款/抵押贷款利率6.89%，前值6.86%。 ...

NAR首席经济学家Lawrence Yun表示，市场的核心问题在于按揭贷款利率过高，目前的7%水平远高于购房者可承受的范围。他认为，只有当利率降至6%左 右，市场才可能恢复活力。他还指出，尽管房源供应有所增加，但并未带动成交量回升。"更多房源并没有带来更多的成交，只有更低的贷款利率才能吸引 购房者重返市场。" 周四，根据美国房地产经纪人协会（NAR）的数据，美国4月成屋签约销售指数环比大跌6.3%，为自2022年9月以来的最大跌幅，预期为下跌1%，前值为环 比上涨6.1%。美国4月成屋签约销售指数同比下跌3.5%，预期为上涨2.7%，前值为下跌0.1%。 美国4月成屋签约销售指数降至71.3，接近历史最低水平。 分地区来看，西部地区的成屋签约销售下降8.9%，下降幅度创下两年半以来最大。全美最大住房市场南部地区的签约销售下降7.7%。中西部地区下降5%。 美国4月成屋签约销售指数下降表明，美国二手房市场的春季销售季表现令人失望，潜在买家面对高企的房价和贷款成本望而却步。值得一提的是，2月和3 月的成屋签约销售数据曾出现小幅回升，这让市场一度对春季销售季抱有希望。 经济学家们还指出，最近几个月成屋签约销售这一领 ...

全美房地产经纪人协会（NAR）首席经济学家劳伦斯·云（Lawrence Yun）：目前的美国二手房市场"全 靠抵押贷款利率"。 降低抵押贷款利率对于吸引购房者重返房地产市场至关重要。 尽管房屋库存增加，但我们并没有看到房屋销售增加。 ...

Financial Data and Key Metrics Changes - The company reported net sales of $400.4 million for Q4 2025, a decline of 11.7% compared to the prior year [4][14] - Adjusted EBITDA for the quarter was $47.1 million, representing 11.8% of net sales, down from 12.1% in the same period last year [7][17] - Adjusted net income was $24 million or $1.61 per diluted share, compared to $28.2 million or $1.78 per diluted share last year [17] - The gross profit margin decreased by 160 basis points to 17% of net sales from 18.6% in the prior year [15] - For the full fiscal year, net sales were $1.7 billion, a decrease of 7.5% year-over-year [19] Business Line Data and Key Metrics Changes - Remodel net sales decreased by 10.4% in Q4, with home centers and dealer distributors both declining by approximately 10-11% [14] - New construction net sales decreased by 13.4% for the quarter compared to last year [14] - The home center business saw a low single-digit negative comp, while the pro business reported a positive comp for the quarter [5] Market Data and Key Metrics Changes - Existing home sales fell by 0.5% month-over-month to a seasonally adjusted rate of 4 million in April 2025, with a year-over-year decline of 2% [4] - The NAHB housing market index dropped to 34 in May, marking the lowest level since November 2023 [6] - Single-family housing starts experienced negative comps from January to April [6] Company Strategy and Development Direction - The company focuses on three main pillars: growth, digital transformation, and platform design [10] - Key accomplishments include product innovation, capacity investments, and channel expansion despite a challenging macroeconomic environment [10] - The company is enhancing its manufacturing capabilities and transitioning independent distributor customers to a new brand [11][12] Management's Comments on Operating Environment and Future Outlook - Management expects demand trends to remain challenging, with net sales outlook ranging from low single-digit declines to low single-digit increases for fiscal year 2026 [9][21] - The company anticipates that as mortgage rates decline and consumer confidence increases, there will be a potential for higher ticket home projects [9] - Management highlighted the importance of removing uncertainty related to tariffs for future growth [50] Other Important Information - The company repurchased 1.17 million shares for $96.7 million during fiscal year 2025, representing about 7.5% of outstanding shares [20] - Free cash flow totaled $65.7 million for the fiscal year, down from $138.5 million in the prior year [19] Q&A Session Summary Question: Impact of tariffs on full year guidance - Management indicated that the outlook was significantly influenced by tariffs, estimating a cost impact of approximately $20 million [27][28] Question: Improvement in gross margins - The improvement in gross margins was attributed to operational adjustments made in Q4 following a challenging Q3 [30][31] Question: Revenue guidance assumptions for end markets - The revenue guidance assumes a consistent recovery across both remodel and new construction markets, with expectations for better performance in the second half of fiscal year 2026 [37][38] Question: Cost considerations beyond tariffs - Management acknowledged potential commodity inflation and labor costs as additional factors impacting guidance [44] Question: Savings from facility closure - The closure of a components facility is expected to yield annual savings of $5-6 million in EBITDA [46]

美国至5月23日当周MBA30年期固定抵押贷款利率 6.98%，前值6.92%。 ...

新华财经北京5月26日电（刘润榕）人民银行26日开展3820亿元7天逆回购操作，操作利率为1.40%，与 此前持平；鉴于当日有1545亿元7期逆回购到期，公开市场实现净投放2275亿元。 在央行加码流动性投放的背景下，资金面延续渐进修复趋势，尽管资金利率整体呈下行态势，全周平均 资金价格较前一周有所抬升。周一至周四资金价格逐步下台阶，隔夜资金利率修复至1.4%-1.5%区间， DR001下行15BP至1.48%，R001下行13BP至1.53%；7天资金价格同样降至1.5%水平，DR007、R007分 别下行7、5BP，至1.57%、1.58%。周五在特别国债发行和税期走款首日的影响下，资金面边际收敛， DR001、R001单日均上行9BP，分别至1.57%、1.61%，7天资金利率同样抬升，DR007、R007分别升至 1.59%、1.63%。 本周（5月26-30日）资金面，税期叠加跨月，季节性因素影响或占上峰，在银行负债端仍有压力的背景 下，资金面平稳还需依赖央行呵护。 一是，税期叠加跨月，资金面或将边际趋紧。26日为税期走款最后一日，又逢7天资金可跨月（叠加端 午假期），或放大利率上行幅度。 二是，逆 ...

4 月末房地产行业资金链指数趋势回落（112%），当前处于历史较低水平， 在供需两端政策逐步落地下，部分企业可支配自由现金流有望进一步改善； 4 月 70 城新房房价环比跌幅扩大，下跌城市数量增加。4 月 70 城新房房价 环比-0.12%（环比负增幅较上月扩大 0.04pct）；其中，一线及二线新房房价 环比持平，三线环比-0.20%；70 城新房房价环比下跌城市增加 4 个至 45 个； 证券研究报告 | 行业深度报告 2025 年 05 月 25 日 销售市场热度延续低位震荡，竣工同比结束阶段性回升 房地产行业最新观点及 25 年 1-4 月数据深度解读 总量研究/房地产 4 月新开工面积基期调整同比增速为-22.1%（较上月减少 4.0pct），根据拿 地对新开工的领先关系，维持判断"新开工跌幅或在 25 年上半年呈逐步收窄 趋势"；中期角度，若总购房需求在净租金回报率与贷款利率差收窄之下逐 步企稳，新开工或在房企"以销定投"的持续策略下呈现紧平衡状态； 4 月房地产开发投资金额基期调整同比增速为-11.3%（较上月减少 1.3pct）， 投资同比同步于施工面积同比回落，过去一段时间销售市场热度回升带 ...

房地美：美国上周30年期按揭贷款/抵押贷款利率6.86%，前值6.81%。 ...

安哥拉央行将基准贷款利率维持在19.50%不变。 ...

美国抵押贷款利率上周升至三个月高点，导致购房和再融资申请双双下滑。MBA数据显示，购房和再 融资申请指标分别下降约5%。申请数据显示房地产市场后继乏力。尽管3月份新屋和二手房签约量上 升，居高不下的借贷成本和房价对许多潜在买家仍构成更大障碍。 ...