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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