Singapore Mortgage Rates Rise as US Interest Hike Takes Effect
Singapore mortgage rates have risen after the US Federal Reserve raised interest rates for the first time in three years. Both fixed and floating-rate loan offerings are now higher across major banks in Singapore.
According to Mortgage Master's website, at least four fixed-rate options for a SGD$500,000 loan on new private properties and HDB flats have crossed the 2% mark.
Maryanne Phua, head of home loans at OCBC, said that the bank adjusted its home loan rates following a 0.25 percentage point interest rate hike in the US on September 17th.
OCBC has raised its one- and two-year fixed-rate packages by around 0.2 percentage points to 2% and 2.08%, respectively.
Other banks, including UOB and DBS, have also adjusted their home loan rates in response to the US interest rate hike.