Sibor surge driving mortgage rates up
Sibor at more than decade-high; home loan rates now at 50% above that a year ago but increases likely to moderate for 2019
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Singapore
HOME buyers hoping for a reprieve in rising mortgage rates better not hold their breath as interest rates continue to rise and are now back at levels last seen 12 years ago.
Following the latest round of hikes, the interest rate on mortgages is now some 50 per cent higher than a year ago as the mortgage benchmark, the 3-month Sibor or Singapore interbank offered rate, continues on its northwards trek. The 3-month Sibor is now at almost 2 per cent, up from 1.4 per cent 12 months ago. The last time the benchmark rate stood at 2 per cent was in the last quarter of 2007.
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