In the last few years, many Americans have bought houses with ARMs: adjustable-rate mortgages. These loans usually begin with lower interest rates for the first 2 or 3 years than fixed-rate mortgages. Then the rate changes as major interest rates rise or fall.

在过去的几年里，许多美国人通过ARM（可调整利率抵押贷款）来购买房子。这些贷款在最初的两三年内利率比固定抵押贷款的利率低，然而会随着主要利率的上升、下降而变化。

Holders (could) be surprised by their new, larger monthly payments as their loans reset to a higher rate. Some people may not even know they have adjustable-rate mortgages. Some lenders and brokers who found loans for people are accused of misleading borrowers. Yet borrowers often did not even have to show proof of earnings.

当借款人的贷款利率重新调高了，他们可能会被每月新的巨额还款所吃惊。有些人甚至不知道他们进行的贷款是可调整利率抵押贷款。为别人进行贷款的一些出借方和中间人会因为误导了借款人而受到遣责，然而，借款人常常甚至不需要出示收入证明。

Now, many people who took out adjustable-rate mortgates may not be able to make their payments. And not only holders of risky subprime loans; even buyers with better credit histories could lose their homes.

如今，一些取得可调整利率抵押贷款的人们可能没有能力偿还贷款，并且不仅仅是进行风险性次级抵押贷款的人，甚至那些有着良好信誉记录的购房者也有可能失去他们的房屋。

Next week, the Federal Reserve in Washington is expected to cut its target rate for short-term loans between banks. But long-term rates are the ones that affect things like housing loans, and these have been rising. Investors have been demanding higher returns in exchange for the risk of keeping money in longer-term securities.

下周，华盛顿美联储预计会降低各银行间短期贷款的目标利率。但长期贷款利率还是会影响诸如房屋借贷这类的贷款，并且他们处于了上升趋势。投资者一直要求获得更高的回报，以此来换取他们在长期有价证券上的投资风险。