Singapore’s mortgage interest rates tend to be closely linked to global interest rates. When the pandemic began in March 2020, the US Federal Reserve slashed interest rates, in turn, lowering Singapore’s. Back then, interest rates were near-zero.
So, how will rising interest rates affect your property buying and home financing plans for next year? As we all know, the pandemic has been the cause of a global recession, leading central banks worldwide to cut interest rates. In a low-interest rate environment, the interbank rate will naturally remain low, which pulls down mortgage interest rates.
Source: Loan Digest (loandigest.net)
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