Singapore’s key mortgage benchmark
jumped to a seven-year high on Monday (Sep 14), ahead of a Federal Reserve
meeting later this week that could mark the start of US interest rate hikes.
The three-month Singapore Interbank
Offered Rate (Sibor) rose to 1.13100%, up from 1.07483% on Thursday, according
to latest data from the Association of Banks in Singapore
Many variable mortgage plans have
interest rates linked to Sibor. For instance, Oversea-Chinese Banking
Corporation currently offers home loans at three-month Sibor plus 0.9
percentage points for the first three years. Rising interest rates could put
further pressure on residential property investors who are already grappling
with falling rents and lower resale values.
A small majority of forecasters are
predicting the US Fed will raise interest rates for the first time in nearly a
decade when it meets on Wednesday and Thursday this week, according to a
Reuters survey.
Source:
CNA
And the downward spiral continues. Get set for higher
monthly repayment on your mortgage folks...
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