Big banks lower housing loan rates

Kyodo

All five major banks have offered to cut fixed interest rates on 10-year housing loans in March as long-term rates have remained stable at low levels due to the Bank of Japan’s monetary easing policy.

The cuts come as house purchases are expected to grow in March just before the April 1 hike in the consumption tax.

Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank and Resona Bank lowered their fixed prime 10-year housing loan rates by 0.1 percentage point to 1.35 percent for March.

Sumitomo Mitsui Banking Corp. cut its rate by 0.05 point to the same level for March. Sumitomo Mitsui Trust Bank lowered its rate by 0.05 point to 1.1 percent, the lowest among the five banks.