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Be prepared for higher mortgage interest rates
The graph belows shows the historical 3 months SIBOR chart starting from Jan 1988 to the SIBOR now. The data that were used from to obtain this chart was taken from MAS's website here. The current SIBOR, at the time of publishing of this post, stands at 0.646% and this is one of the lowest SIBOR which we have seen so far. In fact, the SIBOR has been hovering at a very low rate at around 0.69% as compared to the previous two decades, which can be seen from the chart. Typically, interest rates will begin to rise when the economy is recovering as this is the case we we should be seeing now. Admittedly, low interest rates for the past year or so has enticed buyers to make purchases of properties since mortgage payments will be very affordable given the low interest rates. As such, buyers can be lulled into the belief or assume that mortgage payments will continue to remain affordable for a long time and this can be a rather expensive assumption. As an example, we can consider a loan quantum of $500,000 with a
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