Banks are reporting a surge in inquiries from potential borrowers as interest rates are expected to rise next month. Customers are desperate to lock in mortgages at current rates, but it may already be too late for some.

Next month, Sony Bank will increase their 10-year fixed-rate home loan from 1.406% to 1.692%. As their home loan approvals typically take 1.5 months to process, any applications received now will be approved at the prevailing rates in July. Other major banks such as MUFJ and Mizuho may increase their 10-year fixed-rates to 1.50% next month, but they could go as high as 1.60%.

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