Homebuyers are piling into floating-rate mortgages, stirring debate over whether they are too complacent as Bank of Japan stimulus revives inflation.

The proportion of home loans with adjustable rates climbed to 42.8 percent of new lending in February, the highest since December, according to data from the Japan Housing Finance Agency (JHFA).

The lowest variable mortgage rate at the three biggest banks was at 0.775 percent, compared with a 10-year fixed rate of 1.3 percent.