SINGAPORE — After a series of sharp increases, the fixed-rate mortgage packages of some local banks began to rise and fall, and the annual interest rate of some packages has fallen below 4%.
Standard Chartered’s two-year fixed-rate home loan package, for example, is currently at 3.85% annualized, down from a peak of 4.5% in late November last year. Alfred Chia, chief executive of financial planning company SingCapital, pointed out that maintaining the competitiveness of packages may be one of the reasons why some banks’ fixed rates for mortgages have come down from their highs.
SORA had a roller-coaster ride in December, approaching 4% at the beginning of the month and dropping to 1.65% by Dec. 30.
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