Japan Banks Hike Mortgage Rates Amid BOJ Rate Increases

Japan's five major banks have announced their revised mortgage rates for October. Among variable-rate loans, Mizuho Bank, Resona Bank, and Sumitomo Mitsui Trust Bank raised their most preferential rates by 0.25-0.62 percentage points from the previous month.

MUFG Bank and Sumitomo Mitsui Banking Corporation kept their rates unchanged, as they had already increased them in September.

The rise in fixed rates reflects the increase in long-term interest rates, which is attributed to the Bank of Japan's policy rate hikes. The BOJ implemented an additional rate hike at its September monetary policy meeting, leading to higher variable mortgage rates in the future.