Five of Japan’s mega-banks announced plans to increase the premium interest rate on new home loans with a 10-year fixed rate. These rates will apply to new loans issued in May. Floating interest rates will not change.
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Home loan interest rates set to rise this month
Several of Japan’s main banks will be increasing the interest rates offered on their fixed-rate home loans this month.
Mizuho Bank will increase their 10-year fixed interest rate by 0.1 points to 0.80%. This is 0.15 points higher than the historic low of 0.65% reached in August 2016. Sumitomo Mitsui Trust Bank will increase prime rates for 15 ~ 30-year fixed-rate home loans by 0.1 points from last month to 0.85 ~ 0.95%, but will leave their 10-year fixed rates at 0.45%. The Bank of Tokyo-Mitsubishi UFJ will leave their 10-year rate at 0.60%.
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Banks to increase home loan rates this month
Several of Japan’s mega-banks plan to increase home loan interest rates this month. The Bank of Tokyo-Mitsubishi UFJ will increase the prime interest rate on their 10-year fixed-rate home loan by 0.10 points to 1.35% for loans approved in July, while Mizuho plan to increase their rate by 0.05 points to 1.30%. Sumitomo Mitsui Trust Bank also plan to increase their prime rate by 0.05 points to 0.95%.
This is the second month to see an increase in interest rates The three banks have no plans to change their variable rates.
Sources:
The Nikkei Shimbun, June 26, 2015.
Jiji Press, June 26, 2015.
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Major banks to raise interest rates this month
The Bank of Tokyo-Mitsubishi UFJ (MUFG) and other major Japanese banks will be raising the prime rate on their 10-year fixed-rate home loans this month.
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Mizuho reducing home loan interest rates to 0.55%
In an effort to attract borrowers looking to purchase before the increase in the consumption tax rate, Mizuho Bank announced that they will be lowering their prime interest rate on their 2-year fixed-rate mortgage from its current level of 0.95% to 0.55%. The ultra-low interest rate campaign will be offered until the end of March 2014. It is possible that other banks will soon follow.
Mizuho and two other banks have also lowered the prime rates on their 3-year fixed-rate mortgages to 0.60%.
Source: The Nikkei Shimbun, January 9, 2014.
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Mizuho and Sumitomo Mitsui to lower interest rates
Mizuho Bank and Sumitomo Mitsui Trust Bank are lowering their prime lending rates on home loans this month.
Mizuho is reducing the interest rate on their variable and fixed-type mortgages by 0.1%, while Sumitomo Mitsui will be reducing their variable rate from 0.775% to 0.725%. This will be the first time since November 2010 that Sumitomo Mitsui has reduced their variable rate.
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