Banks in Singapore raise interest rates on mortgage loans

OCBC raised the rates on its one-year fixed rate loan to 1.65%, from 1.55%.

SINGAPORE: Home owners will have to fork out more for their fixed-rate mortgage payments after some banks here raised their fixed interest rates in anticipation of further rate hikes in the United States.

Citibank was the latest to raise interest rates on its fixed-rate loans last Friday. Citi’s two-year fixed rate loan is now at 2.45% – up from 2.35% – while the three-year fixed rate loan has jumped to 2.65% from 2.53% previously.