Japan's major banks raise fixed housing rates

Sep 01, 2023 | News On Japan

TOKYO - All four major Japanese banks will raise rates on 10-year fixed rate home loans from September, it was announced on Thursday.

The best comparison rate for a 10-year fixed term, offered by Mitsubishi UFJ Bank, has been increased by 0.1% to 0.88% compared to the previous month. Mitsui Sumitomo Bank has raised its rate by 0.2% to 1.09%. In addition, Mizuho Bank will raise its rate by 0.15%, and Resona Bank will raise its rate by 0.18%.

With the Bank of Japan's decision to ease the flexibility of short- and long-term interest rate operations in July, allowing the upper limit of long-term interest rates, which was 0.5%, to practically reach up to 1%, long-term interest rates have been rising for all banks.

The variable housing loan interest rates, however, which are tied to short-term interest rates, remain unchanged for all banks.

Source: TBS NEWS

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