Best mortgage rates today 30 year fixed

Also called a variable-rate mortgage, an adjustable-rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U.S. Treasury-Index (T-Bill) or the Secured Overnight Financing Rate (SOFR) published daily by the New York Fed. Bank of America ARMs generally use SOFR as the basis for ARM interest rate adjustments. Note: Bank of America is not affiliated with the New York Fed. The New York Fed does not sanction, endorse, or recommend any products or services offered by Bank of America.

Your monthly payment may fluctuate as the result of any interest rate changes, and a lender may charge a lower interest rate for an initial portion of the loan term. Most ARMs have a rate cap that limits the amount of interest rate change allowed during both the adjustment period (the time between interest rate recalculations) and the life of the loan.

When it comes to buying your home, it goes without saying that we want to (and should) rack in as much savings as humanly possible and get the best home loan in Singapore. We are talking about something that takes 2-3 decades to pay off after all!  It is possibly the biggest purchase of our lifetime. Whether you are refinancing your home loan or taking a new loan, this guide provides you with the current best rates.

Resources on the best home loan topic typically withhold vital information (such as rates from 2nd year onwards or minimum loan amount etc), but not this guide. Here, we have gathered and analyzed over 100 mortgage loan packages across 16 banks in Singapore to help you find one that best fits your situation.

This article only has one aim: to equip you with the information you need to make an informed decision as a savvy consumer. If you would like to clarify your doubts with a professional mortgage advisor at any point, feel free to click on any of the buttons to fill in the form.

List of all home loan packages in Singapore

The table below consists of raw data which includes all the housing loan interest rates in Singapore, updated almost real-time. You can click on the topmost row to sort it by interest rate, from the cheapest home loan to the most expensive one. Of course, just the rates alone do not speak for everything! We understand that the data dump might seem like information overload to the layman who may not know where to begin. Scroll down further or refer to the table of contents above for the breakdown of the best home loans in each of the different categories.

*Monthly instalment below based on $100,000 loan amount over 30 years loan tenor

Differentiating between categories

It would not do to compare apples and oranges! Home loan categories are differentiated by their distinctive rate types, each with their own pros and cons. There are 2 main categories, these being fixed rate and floating rate home loans. Board rates are a major subcategory under floating rates. In addition, different rates are offered for both private loans and HDB loans. Here, we zoom into a succinct explanation of and the best rates for each of the different categories so that you can discover the best home loan in Singapore for the category of your choice.

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Best Fixed rate home loan for HDB

As a general rule, fixed rate home loan packages come with higher interest rates than floating rate packages. Still, the advantage is that their rates are fixed during the initial lock-in period and will not change come hell or high water. Thus, home owners can be assured that they will not have to pay a higher rate even in the case of a nasty economic downturn. This is in contrast to floating rate loan packages, which are inherently volatile because they are tied to the current economic outlook.

This table shows the best fixed rate home loans for HDB during the current period, which are being offered by OCBC, DBS, HSBC, and CITI.

Fixed rates are usually more expensive than floating rates by about 3.5% annual interest. For a loan of $800,000, this translates to approximately $2800 a year.

After the lock-in period, interest rates become ‘floating’ which makes them the same as their floating rates package counterparts. In essence, reference rates (aside from HDB Board) are all of the same nature. (More on that later)

Fixed rate home loans have recently decreased in availability amid rising interest rates and a rising cost of funds. Namely, some banks, including Maybank and Standard Chartered, have suspended their fixed rate loan packages.

BankOCBCDBSHSBCCITILock-in1 Year2 Years3 Years2 YearsYear 13.350%

(Fixed)

(Fixed)

(Fixed)

(Fixed)

(3M SORA + 1.000%)

(Fixed)

(Fixed)

(Fixed)

(3M SORA + 1.000%)

(3M SORA + 1.000%)

(Fixed)

(3M SORA + 1.100%)

(3M SORA + 1.000%)

(3M SORA + 1.000%)

(1M SORA + 1.150%)

(3M SORA + 1.100%)

(3M SORA + 1.000%)

(3M SORA + 1.000%)

(1M SORA + 1.150%)

(3M SORA + 1.100%)

(3M SORA + 1.000%)

(3M SORA + 1.000%)

(1M SORA + 1.150%)

(3M SORA + 1.100%)

>$300K – $1,800

>= $250K – $2,000

>$200K – $1,000

>$500K – $2,000

>$1.5M – $2,500

3M SORA: 2.0655% (as of October 2022, first business day)

1M SORA: 2.4279% (as of October 2022, first business day)

3M SORA: 2.0655% (as of October 2022, first business day)

Check the latest rates

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Best Board rate home loan for HDB

Board rates are internally determined by the banks. Some people are distrustful of them because of a lack of transparency as to the benchmarks used. Additionally, there is no stopping the banks from raising them every now and then based on their own criteria/mood. Still, their rates can be attractive.

The top Board rate home loan for HDB properties as of right now are offered by DBS, and Singapura Finance (SF).

DBS specifically uses a Board Deposit Home Rate that is pegged to its fixed deposit rates. This is also a type of board rate but is more transparent as it aligns with the bank’s fixed deposit rates. It is harder for banks to raise these rates because it represents a cost to them when they do so. FD pegged rates were very popular in the early days because they were very low. However, they have since increased significantly from their initial rates, causing their hype to fall. You can read more about this here.

BankDBSSFLock-in3 Years2 YearsYear 12.600%

(Board)

(Board)

(Board)

(Board)

(Board)

(Board)

(Board)

(Board)

(Board)

(Board)

(Board)

(Board)

>= $250K – $2,000

1 Borrower – $2,500

2 Borrower – $5,000

Check the latest home loan rates

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Best SORA rate home (Floating) loan for HDB

For floating rate home loans, we have recently seen SORA (short for Singapore Overnight Rate Average) rise to become the benchmark SGD interest rate, replacing the old SIBOR (Singapore Inter-bank Offered Rate) and SOR (Singapore Dollar Swap Offer Rate) that are being phased out. SOR will be discontinued for good in June 2023 and 1-month and 3-month SIBOR in December 2024.

The change in benchmark is not without good reason. Being based on the prevailing rate on a single day, SOR and SIBOR interest payments can change abruptly alongside interest rate fluctuations. Meanwhile, SORA rates are based on a compounded average of daily rates, making them less volatile.

Being pegged to SORA, home loan interest payments will increase or decrease every now and then in reference to it, hence ‘floating’. As the rate is the same across banks, they typically differentiate themselves by having different spreads and incentives.

With reference to the table below, it is recommended to consider Standard Chartered Bank, DBS, OCBC, Citi, and HSBC’s loan packages if you are a prospective HDB buyer interested in loan rates that move in tandem with reference rates like SORA.

Check the latest rates

BankSCBDBSOCBCCITIHSBCLock-in2 Years2 Years2 Years2 Years2 YearsYear 12.809%

(3M SORA + 0.600%)

(3M SORA + 0.750%)

(3M SORA + 0.750%)

(3M SORA + 0.780%)

(3M SORA + 0.800%)

(3M SORA + 0.600%)

(3M SORA + 0.750%)

(3M SORA + 0.750%)

(3M SORA + 0.780%)

(3M SORA + 0.800%)

(3M SORA + 0.700%)

(3M SORA + 0.750%)

(3M SORA + 0.800%)

(3M SORA + 0.880%)

(3M SORA + 0.800%)

(3M SORA + 1.350%)

(3M SORA + 1.250%)

(3M SORA +1.000%)

(3M SORA + 1.100%)

(3M SORA + 1.250%)

(3M SORA + 1.350%)

(3M SORA + 1.250%)

(3M SORA +1.000%)

(3M SORA + 1.100%)

(3M SORA + 1.250%)

(3M SORA + 1.350%)

(3M SORA + 1.250%)

(3M SORA +1.000%)

(3M SORA + 1.100%)

(3M SORA + 1.250%)

Min loan $1M – $2,000

>= $250K – $2,000

>$300K – $1,800

>$200K – $1,000

>$500K – $2,000

>$1.5M – $2,500

Partial payment penalty waiver (up to 30% of original loan amount)

Valuation subsidy for refinancing:

$500K – $350

$1M – $500

Min Loan for SCB Priority Client: $1.2M

3M SORA: 2.0655% (as of October 2022, first business day)

Prepayment penalty waiver (up to 50% of original loan amount)

3M SORA: 2.0655% (as of October 2022, first business day)

Mortgage interest offset account available, where 50% of your deposits earns the same interest as the mortgage interest

3M SORA: 2.0655% (as of October 2022, first business day)

Partial payment waiver (up to 30% of original loan amount during lock in)

Waiver of penalty due to sale:

50% for loan <$800K

100% for loan >$800K

HSBC SmartMortgage feature

3M SORA: 2.0655% (as of October 2022, first business day)

Additionally, those buying a HDB property may also consider taking a loan from HDB itself rather than borrowing from a bank (be sure to check out your eligibility first). In a nutshell, HDB offers you stable interest rates but requires that you pay more, as opposed to banks which offer lower, competitive interest rates hoping that you will do business with them rather than their many competitors. For more information, check out our ultimate HDB home loan guide to better decide what’s best for you.

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Best fixed-rate home loan for Private Properties

When it comes to financing your property purchase, HDB and private properties differ in terms of down payment, cash requirements, loan quantum, etc. For private properties, the following banks appear to be providing borrowers with the best-fixed rate home loan packages. With interest rates ranging from 2.600% to 3.000%, you will have a monthly mortgage repayment sum of around $3,629 to $ 3,794 for a 25-year home loan of $800,000.

This table shows the best fixed rate home loans for private properties during the current period, which are being offered by OCBC, DBS, HSBC, CITI, and State Bank of India (SBI).

BankOCBCDBSHSBCCITISBILock-in1 Year2 Years3 Years2 Years2 YearsYear 13.350%

(Fixed)

(Fixed)

(Fixed)

(Fixed)

(Fixed)

(3M SORA + 1.000%)

(Fixed)

(Fixed)

(Fixed)

(Fixed)

(3M SORA + 1.000%)

(3M SORA + 1.000%)

(Fixed)

(3M SORA + 1.100%)

(3M SORA + 1.500%)

(3M SORA + 1.000%)

(3M SORA + 1.000%)

(1M SORA + 1.150%)

(3M SORA + 1.100%)

(3M SORA + 1.500%)

(3M SORA + 1.000%)

(3M SORA + 1.000%)

(1M SORA + 1.150%)

(3M SORA + 1.100%)

(3M SORA + 1.500%)

(3M SORA + 1.000%)

(3M SORA + 1.000%)

(1M SORA + 1.150%)

(3M SORA + 1.100%)

(3M SORA + 1.500%)

> $500K – $2,000

> $1.5M – $2,500

>= $500K – $2,000

>= $1M – $2,500

>= $1.5M – $2,800

>$200K – $1,000

>$500K – $2,000

>$1.5M – $2,500

3M SORA: 2.0655% (as of October 2022, first business day)

1M SORA: 2.4279% (as of October 2022, first business day)

3M SORA: 2.0655% (as of October 2022, first business day)

Waiver of penalty due to sales

3M SORA: 2.0655% (as of October 2022, first business day)

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Best SORA rate (Floating) home loan for Private Properties

For this category of loan, do note that these loans are strictly for completed properties and not applicable to buildings under construction. If you are keen on loans for buildings under construction, keep reading as they will be elaborated on later in this article!

3M SORA refers to SORA within the past 3 months (90 days) whereas 1M SORA refers to SORA within the past 1 month (30 days). If you foresee that interest rates will rise in the future, choose a long-term rate. Conversely, we would advise you to go with a short-term rate in a declining to flat-rate environment.

BankSCBBOCHSBCDBSCITILock-in2 Years2 Years2 Years2 Years2 YearsYear 12.809%

(3M SORA + 0.600%)

(3M SORA + 0.650%)

(3M SORA + 0.750%)

(3M SORA + 0.750%)

(3M SORA + 0.780%)

(3M SORA + 0.600%)

(3M SORA + 0.650%)

(3M SORA + 0.750%)

(3M SORA + 0.750%)

(3M SORA + 0.780%)

(3M SORA + 0.700%)

(3M SORA + 0.750%)

(3M SORA + 0.750%)

(3M SORA + 0.750%)

(3M SORA + 0.880%)

(3M SORA + 1.350%)

(3M SORA + 1.350%)

(3M SORA + 1.200%)

(3M SORA + 1.250%)

(3M SORA + 1.100%)

(3M SORA + 1.350%)

(3M SORA + 1.350%)

(3M SORA + 1.200%)

(3M SORA + 1.250%)

(3M SORA + 1.100%)

(3M SORA + 1.350%)

(3M SORA + 1.350%)

(3M SORA + 1.200%)

(3M SORA + 1.250%)

(3M SORA + 1.100%)

>$200K – $1,000

>$500K – $2,000

>$1.5M to $2,500

>= $500K – $2,000

>= $1M – $2,500

>= $1.5M – $2,800

Partial payment penalty waiver (up to 30% of original loan amount)

Valuation subsidy for refinancing:

$500K – $350

$1M – $500

Min loan for SCB Priority Client: $1.2M

3M SORA: 2.0655% (as of October 2022, first business day)

Waiver of penalty due to

sale after 12 months

Partial payment waiver (up to 30% of original loan amount during lock-in)

Waiver of penalty due to sale:

50% for loan <$800K

100% for loan > $800K

Rates for GreenMark buildings only

HSBC SmartMortgage

3M SORA: 2.0655% (as of October 2022, first business day)

Mortgage interest offset account available, where 50% of your deposits earns the same interest as the mortgage interest

Interest rate floor at 1.10%

3M SORA: 2.0655% (as of October 2022, first business day)

Most consumers seeking home loans from banks in Singapore are private property buyers. They generally opt for floating rate home loan packages when they feel optimistic about the state of the global economy over the next couple of years. Singapore’s economy is inextricably tied to that of the rest of the world due to globalization and this would also translate to lower interest rates. Conversely, if they feel less than optimistic, they might opt for a safer fixed rate instead.

Standard Chartered Bank, Bank of China (BOC), HSBC, DBS, and CITI are currently offering the most attractive floating home loan rates for private properties.

Check the latest rates

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Best Board rate (Floating) home loan for Private Properties

The current best board rates for private properties are offered by DBS and SF.

BankDBSSFLock-in2 Years3 YearsYear 12.700%

(FHR6 + 1.300%)

(Board)

(FHR6 + 1.300%)

(Board)

(FHR6 + 1.300%)

(Board)

(FHR6 + 1.300%)

(Board)

(FHR6 + 1.300%)

(Board)

(FHR6 + 1.300%)

(Board)

>= $500K – $2,000

>= $1M – $2,500

>= $1.5M – $2,800

Check the latest rates

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Best home loan for Buildings Under Construction (BUC)

Fixed home loan packages are not applicable to buildings under construction as they are all pegged to floating rates.

While properties that are still under construction may have more risks than a completed property, developers often incentivize buyers with per-square-foot discounts, absorption of stamp duties, or other administrative costs. Besides the monetary savings arising from an early purchase, you may be able to benefit from a lower interest rate as well—BUC loan rates are not necessarily higher when compared with loans for completed properties.

Besides the possibility of conversion when the property receives its Temporary Occupation Permit (TOP), note that there are loan packages that are not valid for buildings under construction.

BankMaybankDBSSCBHSBCBOCLock-in00000Year 12.909%

(3M SORA + 0.700%)

(3M SORA + 0.700%)

(3M SORA + 0.700%)

(3M SORA + 0.750%)

(3M SORA + 0.800%)

(3M SORA + 0.700%)

(3M SORA + 0.700%)

(3M SORA + 0.700%)

(3M SORA + 0.750%)

(3M SORA + 0.800%)

(3M SORA + 0.700%)

(3M SORA + 0.700%)

(3M SORA + 0.700%)

(3M SORA + 0.750%)

(3M SORA + 0.800%)

(3M SORA + 0.700%)

(3M SORA + 0.800%)

(3M SORA + 1.350%)

(3M SORA + 1.200%)

(3M SORA + 1.350%)

(3M SORA + 1.000%)

(3M SORA + 0.800%)

(3M SORA + 1.350%)

(3M SORA + 1.200%)

(3M SORA + 1.350%)

(3M SORA + 1.000%)

(3M SORA + 0.800%)

(3M SORA + 1.350%)

(3M SORA + 1.200%)

(3M SORA + 1.350%)

<$500K – 0.40% of loan amount

>=$500K – $2,000

>=$1M – $2,500

>=$1.5M – $2,800

HDB

>= $250k – $2,000

PTE

>= $500K – $2,000

>= $1M – $2,500

>= $1.5M – $2,800

>$200K – $1,000

>$500K – $2,000

>$1.5M – $2,500

No valuation report required.

3M SORA: 2.0655% (as of October 2022, first business day)

3M SORA: 2.0655% (as of October 2022, first business day)

Valuation subsidy for refinancing:

$500K – $350

$1M – $500

3M SORA: 2.0655% (as of October 2022, first business day)

Rates for GreenMark buildings only

3M SORA: 2.0655% (as of October 2022, first business day)

Waiver of penalty due to sale after 12 months

3M SORA: 2.0655% (as of October 2022, first business day)

Check the latest rates

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Summary of the Best home loan across all categories

If you are getting a HDB flat and securing $500k in loans, monthly rates can start off as low as about $2,268, with about $1,069 going into interest repayment at the initial phase, assuming a loan tenure period of 25 years. If you are buying a private property and securing $1mil in loans, monthly rates can start off as low as $4,056 with about $2,227 going into interest repayment, assuming a loan tenure period of 30 years. As for the type of rate, fixed rates and fixed deposit pegged rates packages look to be good choices at this point. Your choice of bank boils down to conditions that you need to fulfil and perks you prefer to have. However, bear in mind that rates move very rapidly. This table* offers a ballpark but to get the latest rates, you can speak to our mortgage advisors.

*from year 1 to year 3 of loan

Fixed ratesFloating rates (SORA, Board, FD)Best loan for:RatesBanksRates BanksHDB3.350%-3.500%OCBC, DBS, HSBC, CITI2.600%-3.009%OCBC, DBS, SCBPrivate Properties3.350%-3.500%OCBC, DBS, HSBC2.700%-2.959%SCB, BOC, DBSRefinancing3.350%-3.500%OCBC, DBS, HSBC, CITI2.600%-2.959%OCBC, DBS, SCB, BOCBuildings Under ConstructionNANA2.909%-3.009%MB, DBS, SCB, HSBC, BOCEnquireEnquireEnquireEnquire

Check the latest rates

Current economic outlook

While Singapore has enjoyed lower interest rates since the start of the pandemic, it seems like the tides are changing. On March 16, the US announced its first interest rate hike since 2018, with the central bank projecting six more successive hikes this year. An increase in SORA is thus expected to happen as interest rate trends here tend to follow that in the US. Thus, one may find locking in the current interest rates before they rise to be an attractive option.

Best home loan for 1st time home buyers

For 1st time buyers, it is advised that you go with a stable interest rate package. They are easy to understand and provide more security. In this current economic climate fraught with uncertainties, it may be wise to maintain a certain level of stability when it comes to a home loan. This will ensure that your financial portfolio is not overly risky by balancing out the risk you may have in other areas of your life, such as your career etc.

Best home loan for investors

if you are a little savvier with the property market, you can opt for the riskier floating interest rates. Of course, more risk always translates to better rewards. You can consider board rates or even fixed deposit pegged rates. These packages allow you to bail out quickly and switch to another loan package fast, which makes it suitable for someone who follows the market very closely. On top of that, if you have more cash on your hand and seek some stability in your portfolio, a fixed deposit pegged home loan is usually a good bet. If deposit rates go up, you no doubt pay more for your mortgage loan, but you also earn more interest from your savings account. Through this strategy, you hedge your financial risks. 

Last but not least 

One more thing to note before you set off; you also need to get yourself familiar with the various terms that are attached to any home loan package, including things such as your reference rates, lock-in period, reimbursement clauses and so on. Think of it as buying an air ticket and checking if extra luggage allowance is included, or meals are catered and etc. Of course, it is more complicated for home loans. For more information, check out more by reading the fine print for home loans.

If you are refinancing your home loan and want to find the best refinancing rates package, there are again another set of guidelines you have to be aware of. Check out our ultimate refinancing guide in this case.

Lastly, you may want to know that banks roll out home loan promotions from time to time based on their supply and demand for funds. Hence, it pays to be updated on their interest rates regularly if you are looking to buy/refinance your home soon. Revised daily, the table you see above is about as updated as it can get when it comes to all the home loan packages in Singapore, (sometimes even more so than the published rates of banks themselves.) Be sure to bookmark this page and check out the latest rates in 2022!!

Disclaimer: Every effort has been made to ensure that the information provided is accurate. You must not rely on this information to make a financial or investment decision. Before making any decision, we recommend you consult a professional advisor to take into account your particular objectives, financial situation and individual needs.

Check the latest rates

Glossary and useful resources

Additional Buyer’s Stamp Duty (ABSD): This is a tax that you pay on top of the standard BSD when buying a property. For PRs, foreigners and entities, this is always payable. For Singaporean citizens, it is payable for second and subsequent properties. You can calculate it here.

Approval-in-Principle (AIP): AIP is an agreement with a bank prior to your property purchase that guarantees that bank will extend you the loan when you need it. It is absolutely advisable to get it before your purchase, lest you get blindsided!

Buyer’s Stamp Duty (BSD): This is a tax that every home buyer has to pay when they purchase their property. You can calculate it here.

Decoupling: Decoupling is a mortgage strategy where couples who co-own a home transfer full ownership of it to one of them so that they can purchase another property under the other party’s name, conveniently bypassing ABSD. You can read more about it here.

Lock-in period: It is inadvisable to refinance during the lock-in period because you would have to pay a penalty. The ideal timing for refinancing is three months before the lock-in period ends and the new, higher rates kick in.

Payment per period (PMT): PMT is the monthly repayment sum for your loan that pays back some of the principal amount and interest. You can calculate it here.

Total Debt Servicing Ratio (TDSR): TDSR is basically a test used to ensure that your monthly salary is not going excessively towards repaying your loans and such. By not exceeding it, you are proving that you are not spending beyond your means and are thus capable of reliably repaying your loans in the future. You are hence eligible for a loan and your AIP. You can calculate your TDSR here.

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