Although fixed rates for home loans are more attractive now, analysts say home owners should consider interest rate movements ahead before deciding on a mortgage package.
SINGAPORE: Interest rates on home loans have been declining since the start of the year and observers expect the trend to continue.
DBS, Singapore's largest lender, is offering fixed-rate packages at 3.75 per cent a year with lock-in periods of two to five years, a check of its website on Tuesday showed.At OCBC, two- and three-year fixed-rate mortgages are priced at a “promotional” 3.8 per cent. These loans were previously set at 4.25 per cent and 3.
Hedging costs depend on market expectations for interest rates, with the cost going up as rates rise and vice versa, said Mr Wee.Hedging does not apply to floating-rate home loans – where interest rates vary throughout the life of the loan – as any increase is passed on to consumers. The three-month compounded SORA has risen from 3.0166 at the start of the year to 3.6171 on Tuesday. This means that UOB's rate is lowest at 4.3171 per cent, followed by OCBC at 4.5971 per cent and DBS at 4.6171 per cent.
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