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3. 3 Month SORA Rate History Chart
4. 3 Month SORA Historical Rate for Past Year
5. 1 Month SORA Rate History Chart
6. 1 Month SORA Historical Rate for Past Year
7. SORA Interest Rate Forecast 2023
SORA is the acronym for Singapore Overnight Rate Average and is the average interest rate that Singapore banks charge to lend to each other overnight. SORA is based on recorded past transactions and is more predictable and less volatile compared to other reference rates and hence is regularly used as a reference rate where loans are pegged to. SORA is set daily (working days) by the Association of Banks in Singapore and is publicly available on Association of Banks in Singapore website.
The 3 Month SORA rate is currently 3.71% as compared to the 1 Month SORA rate which is 3.78% with rates accurate as of September 2023.
| Oct 22 | Nov 22 | Dec 22 | Jan 23 | Feb 23 | Mar 23 |
| 2.09% | 2.47% | 2.94% | 3.02% | 3.15% | 3.22% |
| Apr 23 | May 23 | Jun 23 | Jul 23 | Aug 23 | Sep 23 |
| 3.59% | 3.61% | 3.63% | 3.66% | 3.67% | 3.70% |
| Oct 22 | Nov 22 | Dec 22 | Jan 23 | Feb 23 | Mar 23 |
| 2.47% | 3.12% | 3.33% | 2.57% | 3.43% | 3.55% |
| Apr 23 | May 23 | Jun 23 | Jul 23 | Aug 23 | Sep 23 |
| 3.68% | 3.54% | 3.64% | 3.77% | 3.60% | 3.71% |
SIBOR (which is forward looking) has somewhat stagnanted at current levels after rising rapidly in the past 6 months. SORA (which is backward looking) could follow suit and hover at current levels over the next few months. Both chart and data for 3 month and 1 month SIBOR indicates that SORA will remain high for the next few months before stabalising at lower levels. Borrowers can start looking for floating interest rate loans to take advantage of lower rates as inflation dips and mortgage rates follow likewise. With interest rates set to remain high for at least the next few months, 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.
With the widespread popularity of online shopping websites such as Lazada, Qoo10 or Shopee which promise lower prices...
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