UOB Singapore are increasing 15- and 14-month Fixed Deposit Property Rate (15M FDPR, 14M FDPR) from 3 September 2018. Let’s look at the movements of these two rates.
Movement of 15M FDPR rate
15M FDPR was introduced around May 2017. It is calculated based on UOB’s 15 months Fixed Deposit rate for less than $50,000. It was at 0.25%. The highest 15M FDPR since 2010 was 0.50%. On 3 September 2018, UOB will increase 15M FDPR by 0.45% to 0.70%. It will be a historical high.
Movement of 14M FDPR rate
14M FDPR is calculated based on UOB’s 14 months Fixed Deposit rate for less than $50,000. It was at 0.25%. The highest 14M FDPR was 0.45%. From 3 September 2018, UOB will increase 14M FDPR by 0.35% to 0.60%. It will also be a historical high.
Singapore mortgages that tracks these 2 rates will move up accordingly.
Concerned home owners should compare their UOB FDPR loans with current refinancing rates that are linked to SIBOR, board rates and fixed rates.
