OCBC Singapore announced recently their FDMR mortgage rates will increase in May 2018. We looked at their history.
History of OCBC FDMR
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.
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% and will increase in August 2018.
Concerned OCBC customers should review their FDMR-linked mortgages with the current refinancing loans.