Rising interest rates and their impact on mortgages in an open economy like Singapore
When domestic interest rates are largely influenced by global market movements, and especially by US rates, they can thus be expected to rise
Add BT as a preferred source
WITH interest rates coming off record lows, mortgage brokers are advising prospective homeowners and those looking to refinance to lock down fixed rates - where they are still hovering around a fairly low range - before the gap between fixed- and floating-rate financing widens.
The US Federal Reserve said on Wednesday it would double the pace at which it is scaling back bond purchases in its fight against inflation, with a majority of its members forecasting 3 interest rate hikes by the end of next year.
For an open economy like Singapore, domestic interest rates are largely influenced by global market movements, and especially by US rates. They can thus be expected to rise, going forward.
TRENDING NOW
When every phone becomes a satellite phone, what happens to Asia’s telcos?
Too little, too late? Manila’s billion-dollar bid to ignite its sputtering EV industry
Japan Home closing outlets; staff say Valu$ taking over operations
Timah Partners lands S$60 million facility from lenders including UOB, RHB
