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4 money tips to note when mortgage rates rise
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Even if the new rate kicks in, the increase in monthly repayments would be moderate and gradual.
ST PHOTO: NG SOR LUAN
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SINGAPORE - All good things must come to an end and that is the case for cheap money in the form of super-low mortgage rates that left many home buyers with a bit more cash in the kitty to spend every month.
The change has been fast and furious. Barely six months ago, some banks were offering fixed-rate mortgages of around 1 per cent, but now they have hit 3 per cent or more, breaching even the “psychologically important” 2.5 per cent mark for many home owners.
