SIBOR recorded its largest decline since Aug 31 2009 (by 1.4 basis points) to 0.466 percent, this is the lowest level since May this year. What this means is that property loans are expected to be kept LOW!!
Singapore’s three-month interbank (SIBOR) loan rate fell the most in 11 months as record economic growth on the island and signs of expansion globally bolstered confidence in the nation’s lenders.
A few finance experts that I’ve communicated with (in confidence), said that with the U.S. state of economy, interest rates over there will remain low, this is in hope that the low interest rate environment will encourage expenditure, and reduce the burden by many companies, municipalities, and even state governments.
But to many Singaporeans, much of what’s going on in the US or Europe/London isn’t much of their concern (although it does have impact on our economy, many are apathetic about this). Most importantly, you and I would be interested in how this will influence our mortgage loans.
Stay tuned for more news on mortgage rates and bank loans – competition is just going to get stiffer (do you hear my hands rubbing)? Yes time to refinance for those that aren’t locked-in!!