Sibor dive triggers fresh battle in mortgage rate cuts

Singapore

BANKS are revising their home loan offerings by increasing spreads in their floating rate packages while lowering their fixed rates as the Singapore inter-bank offered rate (Sibor) plunged in response to the Fed's two off-cycle rate cuts in March.

Among the banks that have moved include Citibank, HSBC, UOB and OCBC, with more expected to change their rates as interest rates are likely to remain low on the back of a global economic slowdown.