Home loan interest rates to rise in May

Four of Japan’s leading banks will be increasing their advertised interest rates on home loans this month. This is in response to an increase in the 10-year government bond yield.

Sumitomo Mitsui Trust Bank, Sumitomo Mitsui Bank, Mitsubishi UFJ, and Mizuho Bank will raise the prime interest rate on their 10-year fixed-rate home loans between 0.05 and 0.15 points for new loans taken out in May. Resona Bank will leave their rate unchanged at 0.70%.

10-year fixed-rates (prime rates):

  • Sumitomo Mitsui Trust: 0.70% (up 0.10 points)
  • Sumitomo Mitsui: 1.10% (up 0.15 points)
  • Mitsubishi UFJ: 0.79% (up 0.14 points)
  • Mizuho: 0.85% (up 0.05 points)

Source: Jiji Press, April 30, 2020.

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