One economist, Dr Chua Hak Bin, the regional co-head of macro research at Maybank, told TODAY recently that rising interest rates could drive Singapore mortgage rates as high as 5 per cent by mid-2023, their highest level in two decades.
Tuesday's figures are the highest mortgage rates in recent years. The rates were last changed on June 29 to 2.98 and 3.08 per cent respectively. In response to TODAY’s queries on Tuesday (Oct 4), the United Overseas Bank (UOB) said it is now imposing an interest rate of 3.75 per cent a year, and 3.85 per cent a year for its two- and three-year fixed rate home loan packages. However, as interest rates are going up, several banks have also reported a spike in the number of customers opening a fixed deposit account with them. SINGAPORE - Property buyers are facing the highest housing loan interest rates in years, with some close to 4 per cent per annum.