TOKYO : When salaryman Takayuki Nakamura bought his Tokyo home last year, he got a floating-rate mortgage at a rock-bottom 0.35 per cent and an assurance from the real estate agent that rates weren't going anywhere. After this week, he's not sure.
Like Nakamura, many Japanese fear they may eventually start paying more for mortgages. While any increase is likely to be modest, it would be a further injury to households worn down by years of flat wages. The government-backed Japan Housing Finance Agency offers 35-year, fixed-rate mortgages as low as 1.65 per cent. That compares with 1.33 per cent in December last year and is more than four times as high as some variable mortgage loans.
Customer inquiries have more than doubled, with many asking if they should now consider getting a fixed-rate rather than a floating mortgage, Shiozawa said. "I've heard customers saying they want to lock in their deals soon before the rates go up," said one employee at a Tokyo real estate agency, who declined to be identified because he was not authorised to speak to the media.
Source: Loan Digest (loandigest.net)
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