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US Fed hike will hit Singapore home loan customers
3 Months Singapore Interbank Offered Rate (Sibor) which are pegged the benchmark rate to most residential property loans , are expected to double by the end of 2017. The increase is in line with the expected rate hikes by the United States Federal Reserve this year.
Not only will consumers see their mortgages rise, companies will also find it harder to service their debts, in the midst of a slower economy with a deteriorating job market.
3 Month Sibor hovered at 0.942 per cent, compared with 0.940 per cent a week earlier. Economists expect the benchmark to rise to between 1.45 and 1.85 per cent by the end of this year.
3 Month Swap offer rate (Sor), a benchmark for commercial loans, was at 0.907 per cent on Wednesday, up from 0.890 per cent a week ago.
CIMB economist Song Seng Wun added that uncertainty towards the US economy, and doubts in the resilience of US consumer spending also contributed to the easing.
Going forward, the increase in Sibor is likely to cause a strain to borrowers. “The cost side for consumers is going up, as they feel the impact of the rise in interest rates for their mortgages, especially now with the rise in resident jobless rate and weak consumer sentiment on economic growth,”
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