GOOD NEWS! Borrowing money in Japan just got cheaper!! Again...
Here are Mizuho Banks Interest rates for Home Loans in December and January and the changes.
Floating: 2.675% -----> NO CHANGE (- 0.000%)
2-year fixed: 3.150% -----> NO CHANGE (- 0.000%)
3-year fixed: 3.400% -----> 3.350% (- 0.050%)
5-year fixed: 3.550% -----> 3.500% (- 0.050%)
7-year fixed: 3.650% -----> 3.550% (- 0.100%)
10-year fixed: 3.700% -----> 3.600% (- 0.100%)
15-year fixed: 4.100% -----> 4.000% (- 0.100%)
20-year fixed: 4.450% -----> 4.350% (- 0.100%)
*** These interest rates listed above aren't the actual applicable rates, please deduct an additional 1.0 to 1.5%. (FOR EX. the floating rate would be from 1.675% to as low as 1.175%) ***
One thing is for sure: It is a lot cheaper to purchase and borrow money now than it was over the last several years. Hopefully the commercial banks will start getting more aggressive with the interest rate drops as Bank of Japan has been. I know it is wishful thinking...
Please inquire for more information on home loans and interest rates.
- Jason