{"id":39573,"date":"2017-01-04T06:09:31","date_gmt":"2017-01-03T23:09:31","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/whats-next-for-singapore-property-after-fed-hike\/"},"modified":"2017-01-04T06:21:02","modified_gmt":"2017-01-03T23:21:02","slug":"whats-next-for-singapore-property-after-fed-hike","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/whats-next-for-singapore-property-after-fed-hike\/","title":{"rendered":"What\u2019s next for Singapore property after Fed hike?"},"content":{"rendered":"


\nFed rate increase draws mixed reaction among Singaporean lenders
\nMarina Bay Sands and Helix Bridge in Singapore. Suchat Nuchpleng \/ Shutterstock.com
\nSingapore\u2019s financial institutions are still reckoning with the decision of the US Federal Reserve to hike interest rates last month.
\nThe Singapore interbank offered rate (Sibor), a three-month benchmark for housing loans, spiked to 0.96 per cent followed the Fed\u2019s announcement.
\nThe Fed Reserve rate hike, the first in almost a decade, is widely seen as a presage to three more increases next year. As a result, the Sibor, which is correlated with American interest rate movements, may rise 1.05 percent by Q2 2017, according to United Overseas Bank (UOB).
\n\u201cHouseholds will be affected mainly through mortgage loans, while firms will need more cash to repay their corporate borrowings,\u201d UOB economist Francis Tan told Straits Times. \u201cThis will increase their business costs even further.\u201d
\nThe Fed Reserve interest raise could not come at a more inopportune time to some analysts. CIMB Private Bank economist Song Seng Wun told the Times that the hike\u2019s timing \u201cis not good\u201d for Singapore in the short term, given its decelerating economy, and \u201ccoincides with a worsening in labour market conditions.\u201d
\nThe hike has left many banks across the country in a contemplative mood. Fixed-rate mortgage packages have been left susceptible to mass pullouts as institutions strive to protect their margins.
\nDBS and Bank of China have already withdrawn several fixed-rate packages this week, the Times reported.
\n\u201cWe expect to see further home loan interest rate changes in the upcoming weeks as the Chinese New Year period draws near, which is typically a time when banks update their rates,\u201d Grace Cheng, co-founder of personal finance website GET.com, said.
\nRead next:
\n
\nSource : property-report.com
\nRead more…What\u2019s next for Singapore property after Fed hike?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Fed rate increase draws mixed reaction among Singaporean lenders Marina Bay Sands and Helix Bridge...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-39573","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-aih","jetpack-related-posts":[{"id":116884,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cimb-bank-makes-u-turn-on-floor-rate-following-customer-backlash\/","url_meta":{"origin":39573,"position":0},"title":"CIMB Bank makes U-turn on floor rate following customer backlash","date":"June 4, 2020","format":false,"excerpt":"\r A group of over 100 CIMB customers had banded together and set up a website where they expressed their anger over the bank\u2019s plan to raise the mortgage floor rates on 18 May. 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