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.
The Nikkei Shimbun, June 26, 2015.
Jiji Press, June 26, 2015.