How Will Rising Interest Rates Affect the Property Market?
When interest rates rise, it generally becomes more expensive for borrowers to take out loans, including mortgage loans. The impact of a rise in interest rates on mortgage loans can be significant, as mortgage loans are typically large, long-term loans with substantial interest payments. But in Singapore, the property market has remained buoyant even as countries elsewhere face slowdowns due to soaring interest rates and inflation. Will rising interest rates have a significant impact on mortgage loans, potentially leading to higher monthly payments, lower affordability, reduced demand, and longer loan terms? Find out from our guest Clive Chng from Redbrick Mortgage Advisory as he addresses this concern that many borrowers have.