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What is the current mortgage rate across banks?
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As of 2025, mortgage rates in Singapore vary depending on the type of loan and the benchmark used.
Fixed Rates
- Banks such as Bank of China offer fixed-rate mortgages with rates ranging from 2.40% to 2.50% for the initial years, and then increasing to around 3.90% after the lock-in period. For example, a 3-year fixed rate could be around 2.40% to 2.45% for the first three years.
Floating Rates
- Floating rate home loans are now largely pegged to the Singapore Overnight Rate Average (SORA). The 3-month SORA rate, which is a common benchmark, was around 3.49% as of November 2024. Adding the bank's spread, the effective interest rate could range from approximately 4.44% (3M SORA + 1.00%) to 5.02% (1M SORA + 1.75%).
Current Trends
- Mortgage rates have been high due to recent global economic conditions but are anticipated to decrease later in 2024 and into 2025, influenced by the US Federal Reserve's interest rate policies and Singapore's economic conditions. The 3-month SORA is projected to decrease from around 3.3% at the end of 2024 to about 2.5% by the end of 2025.
For the most up-to-date and specific rates, it is advisable to compare quotes from various banks and consult with a mortgage specialist.
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