Singapore interest rates, 1988 to now

Three-month compounded SORA — the benchmark almost every floating home loan in Singapore is priced off — is 1.23 per cent as of Sept 2026, against a 3.75 per cent peak in Oct 2023 and an all-time low of 0.036 per cent in April 2012. This page says where rates have been. It does not say where they are going.

What normal looks like

One fact in this series explains most of the confusion about Singapore mortgages: 10 of the 21 years since 2006 averaged under half a per cent, running from 2009 to 2021. Anybody who borrowed in that stretch did so in conditions with no precedent anywhere else in the record, and intuitions formed then do not transfer.

What is happening now

The fall has stopped. The benchmark bottomed at 1.03 per cent in April 2026 and is 1.23 per cent now, with every one of the five months since the trough moving upward. All four instruments turned, which is what makes this worth stating: one series bottoming is noise, the whole curve bottoming is a change in conditions.

The order is the useful part. The two-year bond bottomed five months before the loan benchmark did. Government yields price expectations and SORA records what actually happened in the overnight market, so the curve moves first — which makes the short end the cheapest early warning available, and it is free to watch.

What the curve is pricing — which is not a forecast

There is exactly one forward-looking thing this page will say, and it is a statement about a price rather than about the future. The one-year bill yields 1.73 per cent and the ten-year bond 2.47, a spread of +74 basis points. An upward-sloping curve is what the market charges today for lending over longer periods, and it embeds what buyers of that paper currently expect short rates to do.

Reporting that is not predicting it. A yield is a price struck between people who disagree, and the consensus inside it is wrong often enough that acting on it as a forecast is a different activity from reading it as a measurement. This site has no forecasting instrument, publishes none, and will not acquire one.

What this page cannot tell you

• What any bank will charge you. Every figure here is a benchmark. A mortgage is priced at a benchmark plus a spread the lender sets, and Singapore publishes no register of those spreads — the comparison sites that collect them refuse automated requests. So this page will never quote an achievable rate, and anything claiming to must be read as an advertisement.
• Where rates go next. See above. The curve says what the market expects; the market is frequently wrong, and a measurement site should not launder a consensus into a prediction.
• Whether you should do anything. It computes; it does not advise. What the arithmetic can tell you is whether a decision even depends on the rate — usually it does not, and the refinancing breakeven shows why: a lock-in penalty moves the answer by more than the whole plausible range of rates.
• The overnight rate is not the rate. Overnight SORA is published here for completeness and is the wrong series to quote — at end of period it jumps month to month. Loan contracts reference the compounded three-month version, which is what every headline figure on this page uses.

Questions people ask

What is the current interest rate in Singapore?

Three-month compounded SORA — the benchmark almost every floating Singapore home loan is priced off — was 1.23 per cent in Sept 2026. The one-year Treasury bill yielded 1.73 per cent and the ten-year government bond 2.47. These are benchmarks, not quotes: what a bank charges on a mortgage is the benchmark plus a spread it sets itself, and those spreads are not published anywhere this site can read.

What is the highest SORA has been?

3.75 per cent, in Oct 2023. The lowest was 0.036 per cent in April 2012. From that peak to Sept 2026 the benchmark has fallen 252 basis points, which is the gap anyone still paying a rate set at the peak has not captured.

Are Singapore interest rates going up or down?

Over the last two years the benchmark bottomed at 1.03 per cent in April 2026 and is 1.23 per cent now — up 20 basis points, with five of the five months since the trough moving upward. That is a description of what has happened, not a forecast: this site does not predict rates and nothing here should be read as expecting them to continue in any direction.

Why do Singapore interest rates follow US rates?

Because the Monetary Authority of Singapore runs monetary policy through the exchange rate rather than through an interest rate. It manages the Singapore dollar against a trade-weighted basket and does not set a policy rate the way the Federal Reserve does, so domestic rates are largely imported from global conditions. That is the structural reason watching US policy tells you something about SORA, rather than a correlation somebody noticed in a chart.

What is the difference between SORA and compounded SORA?

SORA is the overnight rate — the volume-weighted average of unsecured overnight interbank borrowing — and this table carries it at end of period, which makes it jump: it printed 0.83, 1.40 and 1.40 per cent in consecutive months. Compounded SORA averages it over a period — three months here — which smooths it, and it is the compounded version that loan contracts reference. Quoting the overnight rate as "the rate" would make a trend chart look like noise.

Where does this data come from?

Singapore Department of Statistics, table M700071, last updated 14/10/2026 and read Oct 2026. It is free, keyless and public. The series runs monthly from Jan 1988 for the government curve and Oct 2005 for SORA. Figures here are recomputed whenever the table refreshes, so quote the date you read them.

Citing this. Singapore Department of Statistics, table M700071, last updated 14/10/2026, covering Jan 1988 to Sept 2026. Recomputed whenever the table refreshes, so quote the date you read it. Permanent link: https://www.dailystudysg.com/rates.