Why SIBOR went up?
Posted: Thu Jan 08, 2015 6:04 am
Why SIBOR suddenly went up drastically? Do you think it will go up further?
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falling oil pricesngl2010 wrote:Why SIBOR suddenly went up drastically? Do you think it will go up further?
No papers at homeJennifer wrote:Read the Sunday Times today, page 27 n 28 .
Jennifer, have you asked other banks for their housing loan interest rate?Jennifer wrote:I called CitiBank today and learnt that there are 1-month, 3-months, 6-months and 12-months SIBOR rates.
Our effective rate has gone up to 1.5%.
All the other x- months SIBOR rates + the minimum interest rate is higher than 1.5% now.
There is no savings if we convert to x-monthly SIBOR now unless the monthly SIBOR exceeds what we commit now for x-months SIBOR.
Actually I am very confused by what the staff said.
Some more the minimum interest rate is now up to 0.85 from 0.80
ngl2010 wrote:Jennifer, have you asked other banks for their housing loan interest rate?Jennifer wrote:I called CitiBank today and learnt that there are 1-month, 3-months, 6-months and 12-months SIBOR rates.
Our effective rate has gone up to 1.5%.
All the other x- months SIBOR rates + the minimum interest rate is higher than 1.5% now.
There is no savings if we convert to x-monthly SIBOR now unless the monthly SIBOR exceeds what we commit now for x-months SIBOR.
Actually I am very confused by what the staff said.
Some more the minimum interest rate is now up to 0.85 from 0.80
The recent promotion by POSB for 1.88% interest rate for fixed deposit and also some fixed deposit promotion by other banks actually made me sweat. That means the cost for borrowers will go up too. But I am not an expert so I maybe wrong.