OCBC Singapore announced recently their FDMR mortgage rates will increase in May 2018. We looked at their history.
History of OCBC FDMR
OCBC defines 36M FDMR as the 36-month fixed deposit rate for OCBC Bank individual customers for amounts within S$5,000 to S$20,000 or such other sum as may be determined by them. During the launch of home loans pegged to this rate in Nov 2015, FDMR36 was at 0.65%. This rate was retired around Sept 2017. It is now at 0.65% unchanged.
15M FDMR replaced 36M FDMR. It was at 0.25%. The current rate is 0.55% with effect from May 2018. A similar rate, 48M FDMR increased from 0.95% to 1.25% this month too.
Concerned OCBC customers should review their FDMR-linked mortgages with the current refinancing loans.