Mortgage Rates to Increase in Singapore
The recent announcement by the government that Singapore’s mortgage interest rates are expected to rise will affect both new and existing homeowners. While the government has warned that these increases will affect existing homeowners, new home buyers should still exercise caution before making any large financial commitments. Homeowners should make sure that they can meet the mortgage obligations before signing the contract. The cooling measures already implemented in the property market have impacted existing homeowners.
Interest rates will continue to rise in Singapore
The Monetary Authority of Singapore (MAS) is concerned about the rising household debt in the country and has warned against taking on further loans. In its annual Financial Stability Review, issued in December 2021, the MAS warned borrowers with heavy debt loads to refrain from taking on additional debt. In anticipation of the rise in interest rates, the MAS urged …