Two foreign banks offer new low rates in bid to entice mortgage market
TWO foreign banks operating in Singapore have just unveiled rock-bottom home loan deals in a bid to secure a bigger slice of the fast-growing mortgage market amid record private home sales.
Market observers say it is too soon to say if a full-blown mortgage rates war will erupt – but the latest rates are sure to get the attention of home hunters.
One key factor allowing super-cheap mortgages is the fact that a key interbank rate, which influences consumer loan and deposit rates, is tipped to stay at depressed levels well into next year.
The rate – the three-month Singapore interbank offered rate (Sibor) – is hovering at 0.68 per cent, near the all-time low of 0.56 per cent back in June 2003. Continue reading
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