Japan Banks August mortgage deposit rates Online banks raise floating rates

Equity Research 4 August 2026 | 12:45AM JST

Japan Banks: August mortgage/deposit rates: Online banks raise floating rates

August mortgage interest rates have been released. Rakuten Bank and Docomo Makoto Kuroda | SMTB Net Bank (formerly SBI Sumishin Net Bank) raised their variable rates on new Goldman Sachs Japan Co., Ltd. loans in August. Docomo SMTB Net Bank increased its rate by a relatively large 25 bp. Hibiki Takuma While online banks have historically set their mortgage interest rates lower than | traditional banks, this increase brings its rate roughly in line with the average floating Goldman Sachs Japan Co., Ltd.

rate of the banks we track (around 1.16%). Rakuten Bank also raised its floating rate by a modest 4 bp, following an increase in the previous month. Meanwhile, most banks raised their fixed rates, a move that appears consistent with the rise in long-term JGB yields during the June-July period. Long-term JGB yields rose by around 14 bp between the end of June and the end of July.

Some regional banks have noted that the competitive environment for mortgages is changing as online banks increase their floating rates. Historically, online banks offered lower mortgage rates due to their relatively low-cost structures, including operating without physical branches. However, 1) we are now seeing a shift away from keeping mortgage rates low against the prevailing backdrop of rising funding costs and robust demand for non-mortgage loans. Furthermore, 2) online banks appear to be shifting their strategic focus toward channels other than mortgages for account acquisition to strengthen their ecosystems. As a result, looking at this month’s discounted floating mortgage rates, the lowest rates among the banks we track are no longer offered by online banks but by major institutions such as MUFG, Resona, and Bank of Yokohama.

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Exhibit 1: New mortgage rates for floating rate loans Exhibit 2: New mortgage rates for fixed rate loans (10Y)

MUFG Bank SMBC Mizuho MUFG Bank SMBC Mizuho 4.8% Resona SBI Shinsei Rakuten Bank 1.8% Resona Rakuten Bank Docomo SMTB Docomo SMTB au Jibun Bank Sony Bank 4.3% 1.6% Sony Bank SBI Shinsei 3.8% 1.4% 3.3% 1.2% 1.0% 2.8%

Source: Company data Source: Company data

Exhibit 3: August mortgage rates August July Benchmark rate Discounted rate Discount spread Discounted rate (MoM) Benchmark rate Discounted rate Discount spread Float Fix Float Fix Float Fix Float Fix Float Fix Float Fix Float Fix 3Y 10Y 3Y 10Y 3Y 10Y 3Y 10Y 3Y 10Y 3Y 10Y 3Y 10Y MUFG Bank Low 3.125% 5.260% 6.370% 0.945% 2.530% 3.590% -2.180% -2.730% -2.780% 0 bp 10 bp 24 bp 3.125% 5.160% 6.130% 0.945% 2.430% 3.350% -2.180% -2.730% -2.780% SMBC Low 3.125% 5.250% 6.250% 1.275% 3.400% 4.400% -1.850% -1.850% -1.850% 0 bp 10 bp 15 bp 3.125% 5.150% 6.100% 1.275% 3.300% 4.250% -1.850% -1.850% -1.850% High 3.125% 5.250% 6.250% 0.000% 0.000% 0.000% 0 bp 10 bp 15 bp 3.125% 5.150% 6.100% 0.000% 0.000% 0.000% Mizuho Low 3.125% 4.600% 5.450% 1.025% 2.500% 3.350% -2.100% -2.100% -2.100% 0 bp 10 bp 10 bp 3.125% 4.500% 5.300% 1.025% 2.400% 3.250% -2.100% -2.100% -2.050% High 1.475% 2.950% 3.800% -1.650% -1.650% -1.650% 0 bp 10 bp 15 bp 1.475% 2.850% 3.650% -1.650% -1.650% -1.650% SMTB - 3.125% 5.280% 6.500% 1.080% 2.735% 4.105% -2.045% -2.545% -2.395% 0 bp 10 bp 27 bp 3.125% 5.180% 6.230% 1.080% 2.635% 3.835% -2.045% -2.545% -2.395% Resona Bank - 3.125% 5.080% 5.970% 0.950% 2.895% 3.785% -2.175% -2.185% -2.185% 0 bp 11 bp 17 bp 3.125% 4.960% 5.790% 0.950% 2.785% 3.615% -2.175% -2.175% -2.175% SBI Shinsei - 2.300% 3.400% 4.200% 1.080% 2.250% 3.050% -1.220% -1.150% -1.150% 0 bp 5 bp 10 bp 2.300% 3.350% 4.100% 1.080% 2.200% 2.950% -1.220%…