A Moge Check survey found that many people who took out a mortgage within the past year expect variable rates to reach 2% or higher, with a marked tendency to prepare for higher rates through equity investment.
The October 2026 home-loan survey summarises the results of a web-based survey of 1,000 men and women aged 25–54 nationwide, focusing primarily on responses from people who borrowed within the past year. Key findings include expectations for variable rates, the extent of preparedness and current borrowing-to-income multiples.
① Regarding the outlook for variable mortgage rates, 85% of people who borrowed within the past year expected variable rates to reach 2% or higher, with 2–3% the most common response. In a case involving a ¥40 million loan repaid over 35 years, an increase in the interest rate from 1.5% to 2.5% was estimated to raise monthly repayments by approximately ¥20,000.
② As preparation for higher rates, 89% of people currently repaying variable-rate mortgages invest in equities, with investment particularly active among those who borrowed within the past year. Among those who borrowed within the past year, 59% invested an amount equal to or greater than the interest-rate difference, compared with 32% among those who borrowed more than a year ago.
③ Regarding borrowing-to-income multiples, 83% of people repaying variable-rate mortgages kept their borrowing at no more than 7 times annual income. Among those who borrowed within the past year, multiples of 5–7 times accounted for 71%, while 13% were at 5 times or less.