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Singapore Sibor Rate

Singapore SIBOR Rates 3 Month 1 Month History Chart
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1. What is SIBOR Based on?

2. What is SIBOR Rate Now?

3. What is SORA, SOR, FHR or Mortgage Board Rates?

4. 3 Month SIBOR Rate History Chart

5. 3 Month SIBOR Historical Rate for Past Year

6. 1 Month SIBOR Rate History Chart

7. 1 Month SIBOR Historical Rate for Past Year

8. SIBOR Interest Rate Forecast 2021

 

What is SIBOR Based on?

SIBOR is the acronym for Singapore InterBank Offer Rate. In layman terms, it simply represents the interest rate that Singapore banks charge to lend to each other. SIBOR is regularly used as a reference rate where loans are pegged to. SIBOR is set daily (working days) by the Association of Banks in Singapore and is publicly available on Association of Banks in Singapore website. In general the shorter the time period SIBOR is based on, the lower and more volatile the interest rate.

 

What is SIBOR Rate Now?

The 3 Month SIBOR rate is currently around 0.44% as compared to the 1 Month SIBOR rate which is around 0.30% with rates accurate as of December 2021.

 

What is SORA, SOR, FHR or Mortgage Board Rates?

SORA is the acronym for Singapore Overnight Rate Average and is the average interest rate of unsecured overnight interbank SGD transactions brokered in Singapore. SORA is similar to SIBOR but is based on recorded past transactions and hence is backward looking. SOR is the acronym for Swap Offer Rate and is basically the interest rate a borrower will be charged if he or she were to borrow in US dollars. SORA is expected to replace SOR by end-2021 and SIBOR by 2024. Fixed Deposit Linked rates are reference rates that are based on a bank's fixed deposit rates while Board Rates are rates determined internally by banks based on their own benchmark rates.

All of the mentioned rates are reference rates where loans are priced in but SIBOR remains the most popular reference rate for loans to be priced in due to its transparency. Hence, any movement in SIBOR rates is closely monitored as it could affect repayment of loans and also financial markets. It is also worth noting that all these reference rates usually move in tandem with each other in the same direction. See SIBOR vs Fixed Deposit Linked Rates vs Board Rate for a more detailed discussion about how to choose the best reference rate for loan packages.

 

3 Month SIBOR Rate History Chart

3 Month SIBOR Rate History Chart

 

3 Month SIBOR Historical Rate for Past Year

Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21
0.41% 0.41% 0.41% 0.44% 0.44% 0.44%
Jun 21 Jun 21 Aug 21 Sep 21 Oct 21 Nov 21
0.44% 0.43% 0.43% 0.43% 0.43% 0.43%

 

1 Month SIBOR Rate History Chart

1 Month SIBOR Rate History Chart

 

 

1 Month SIBOR Historical Rate for Past Year

Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21
0.25% 0.25% 0.25% 0.28% 0.28% 0.27%
Jun 21 Jul 21 Aug 21 Sep 21 Oct 21 Nov 21
0.27% 0.27% 0.27% 0.27% 0.27% 0.30%

 

SIBOR Interest Rate Forecast 2021

Both chart and data for 3 month and 1 month SIBOR indicates that we are now experiencing a period of extended low SIBOR rates similar to what happened between 2011 and 2014. Borrowers who fear a spike in SIBOR rates or interest rates in general should try to remain prudent and look for fixed interest rate loans to prevent a huge rise in mortgage payments in the event of periods of higher interest rates. With interest rates bottoming out in the past few months, we are predicting the period of lower interest rates is set to end and it will be most prudent for borrowers to take into account of higher interest rates when taking a loan so as not to overstretch themselves.

 

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