Major Banks Raise Fixed Mortgage Rates

TOKYO, Jan 31 (News On Japan) - Starting February, Japan's major banks have announced an increase in fixed mortgage rates, reflecting the rise in long-term interest rates.

Mitsui Sumitomo Bank will raise its premier 10-year fixed mortgage rate by 0.05% to 1.14%. Similarly, Mizuho Bank is set to increase its rate by 0.1% to 1.45%, and Resona Bank by 0.14% to 1.66%.

The hike in fixed mortgage rates appears to be driven by the rising long-term interest rates, which serve as a benchmark for fixed-type loan rates.

In contrast, Mitsubishi UFJ Bank has decreased its rate by 0.16% from the previous month.

Regarding variable mortgage rates, which are linked to short-term interest rates, all the banks have decided to maintain their current rates.

This move by the major banks marks a significant shift in the housing loan market, indicating a response to the broader economic trends impacting long-term interest rates.

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