The BT today has reported that local interest rates plunged to all-time lows yesterday following the steep appreciation of the Singapore dollar against the US unit. This gave home buyers reason to cheer.
The key three-month Sibor or interbank rate fell 0.7% to a record low of 0.49667% from Wednesday as more money flow is expected here in anticipation of currency gains after an unexpectedly hawkish monetary policy statement from the Monetary Authority of Singapore (MAS).
The three-month Sibor against which many home loans are pegged is now 10% lower from 0.5500% two months ago.
Analysts say that the slide in interest rates to new depths will renew risk of a property bubble and may prompt additional government measures.
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