A Fed Hike Moved Singapore Home Loan Quotes, but MAS Changed No Rule

The Investing Iguana

A Fed Hike Moved Singapore Home Loan Quotes, but MAS Changed No Rule

Sat 3 Oct 2026 | Podcast

The Numbers

Today's podcast starts from a Fed hike that pushed Singapore bank quotes higher without MAS changing any rule. The three-month swap rate is 1.59% while compounded SORA is 1.23%, a gap of 0.36 percentage points. HDB loans stay at 2.6% through end-December. Most bank floating packages were between 1.5% and 1.8% at end-September, and a 0.2 percentage point rise costs about S$83 a month in interest on a S$500,000 loan. The episode explains why a home loan has two parts, and why only one of them moved.

My Personal Take

This morning I wrote that I wanted a Monday SGS print to see whether Singapore follows the US move down. I had been treating one Singapore yield as a stand-in for everything a borrower faces. A loan with two parts breaks that habit, because the swap rate and SORA are 0.36 points apart on the same day. I do not yet know which of the two a given household feels first. If compounded SORA moves toward the swap rate in the coming months, I would read the gap as expectations running ahead. If it does not, I would question how I read the swap rate. 🦖

📺 YouTube: https://youtu.be/OlSjK3I0ZUo

📩 Substack: https://investingiguana.com/p/your-home-loan-rate-has-two-parts

Not financial advice. Iggy's Forensic Compliance Standards apply.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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The three-month swap rate is 1.59% while compounded SORA is 1.23%, a gap of 0.36 percentage points. HDB loans stay at 2.6% through end-December. Most bank floating packages were between 1.5% and 1.8% at end-September, and a 0.2 percentage point rise costs about S$83 a month in interest on a S$500,000 loan. The episode explains why a home loan has two parts, and why only one of them moved.</p>\n<p></p>\n<p>My Personal Take</p>\n<p>This morning I wrote that I wanted a Monday SGS print to see whether Singapore follows the US move down. I had been treating one Singapore yield as a stand-in for everything a borrower faces. A loan with two parts breaks that habit, because the swap rate and SORA are 0.36 points apart on the same day. I do not yet know which of the two a given household feels first. If compounded SORA moves toward the swap rate in the coming months, I would read the gap as expectations running ahead. 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