What is the current mortgage interest rate?

As of November 2024, mortgage interest rates in Singapore have eased compared to earlier in the year and the previous year. Here are some current trends:

- Fixed Rates: Some foreign banks are offering fixed mortgage rates as low as 2.45%, with the Bank of China (BOC) leading at this rate for a 3-year lock-in period. Local banks such as DBS, OCBC, and UOB are offering fixed rates starting from around 2.55% to 2.6% for similar periods.

- Floating Rates: Floating rate packages, often pegged to the Singapore Overnight Rate Average (SORA), are also available. For example, the 3-month SORA rate plus a spread can result in rates such as 3.4932% (3M SORA + a spread). Banks like Standard Chartered, Maybank, and DBS offer competitive floating rates with various spreads.

Overall, the current mortgage rates range from about 2.45% for fixed rates to around 3.5% for floating rates, depending on the bank and the specific package chosen.