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Three top banks to bump up mortgage rates in July

Kyodo

Three major banks are considering hiking their housing loan rates more in July as record-low long-term interest rates continue to edge up, sources said.

Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank and Sumitomo Mitsui Banking Corp. are likely to raise their 10-year fixed-rate mortgages by 0.05 to 0.10 percentage point from the current 1.6 percent, the sources said.

The hikes will be announced on Friday, they said.

Meanwhile, Sumitomo Mitsui Trust Bank will leave its 10-year fixed mortgage rate unchanged at 1.45 percent but cut its three-year fixed mortgage rate by 0.15 point to 0.55 percent from July, sources close to the bank said.

It will also lower its two-year fixed mortgage rate next month to 0.5 percent from 0.6 percent, they added.