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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 2024
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 3.64% as compared to the 1 Month SORA rate which is 3.61% with rates accurate as of April 2024.
| May 23 | Jun 23 | Jul 23 | Aug 23 | Sep 23 | Oct 23 |
| 3.61% | 3.63% | 3.66% | 3.67% | 3.70% | 3.70% |
| Nov 23 | Dec 23 | Jan 24 | Feb 24 | Mar 24 | Apr 24 |
| 3.76% | 3.74% | 3.70% | 3.65% | 3.65% | 3.68% |
| May 23 | Jun 23 | Jul 23 | Aug 23 | Sep 23 | Oct 23 |
| 3.54% | 3.64% | 3.77% | 3.60% | 3.71% | 3.78% |
| Nov 23 | Dec 23 | Jan 24 | Feb 24 | Mar 24 | Apr 24 |
| 3.76% | 3.65% | 3.65% | 3.62% | 3.67% | 3.75% |
SIBOR (which is forward looking) has somewhat stagnanted at current levels after rising rapidly in 2023. SORA (which is backward looking) has follow suit but is set to drop over the next 12 months as inflation wanes and interest rates drop. Both chart and data for 3 month and 1 month SIBOR indicates that both SIBOR and SORA have peaked and is set to drop to lower levels in 2024. Borrowers can start looking for floating interest rate loans to take advantage of mortgage rates. With interest rates still high as compared to the past 20 years, 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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