Cheaper home loans in July as banks slash mortgage rates. Hurray!!!

Cheaper home loans in July as banks reduced mortgage rates. Hurray!!!

The slow steady rise in interest rates is starting to taper off amid slower economic growth, and homeowners are already reaping the benefits in the form of cheaper mortgages.

The decline comes on the back of the US Federal Reserve’s decision two weeks ago to keep interest rate hikes on hold and slow the pace of future increases.

Mr Keff Hui, a mortgage specialist at Mortgage Supermart Singapore, said: “Overall, interest hike expectations have cooled off a bit, given the slowing economy, and I would view the recent fall-back as a normalisation of the uptrend interest cycle.”

See more: http://www.straitstimes.com/business/economy/home-loans-cheaper-as-fed-holds-off-rate-hikes

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