KEY HIGHLIGHTS
- Mortgage rates rise again, with 30-year fixed hitting 6.37% based on latest data
- Weekly increase of up to 0.25 percentage points impacts borrowing costs in March 2026
- Homebuyers and refinancers should compare lenders and lock rates early to avoid further hikes
Mortgage rates have increased once more, raising borrowing costs for buyers and homeowners considering refinancing. The latest data shows a noticeable week-on-week rise.
Latest Mortgage and Refinance Rates (March 24, 2026)
| Loan Type | Purchase Rate | Refinance Rate |
|---|---|---|
| 30-year fixed | 6.37% | 6.36% |
| 20-year fixed | 6.28% | 6.69% |
| 15-year fixed | 5.82% | 5.93% |
| 5/1 ARM | 6.50% | 6.49% |
| 7/1 ARM | 6.31% | 6.63% |
| 30-year VA | 5.89% | 5.85% |
| 15-year VA | 5.48% | 5.66% |
| 5/1 VA | 5.51% | 5.49% |
Note: Rates are averages and may vary based on borrower profile and lender terms.
What’s Driving the Increase?
The 30-year fixed rate rose to 6.37%, marking a 0.25 percentage point jump in just one week. Similarly, the 15-year rate climbed to 5.82%.
Although bond yields briefly dipped due to geopolitical developments, overall weekly yields remain higher—keeping mortgage rates elevated.
Monthly Cost Impact: 30-Year vs 15-Year Loans
Loan term significantly affects both monthly payments and total interest paid.
- A 30-year loan at 6.37% on a S$540,000-equivalent mortgage (~US$400,000) results in:
- Monthly payment: ~S$3,360
- Total interest: ~S$670,000 over time
- A 15-year loan at ~5.65%:
- Monthly payment: ~S$4,500
- Total interest: ~S$270,000
Shorter tenures reduce total interest but require higher monthly cash flow.
Fixed vs Adjustable Rates: What to Consider
- Fixed-rate mortgages: Stable repayments throughout the loan tenure
- Adjustable-rate mortgages (ARM): Lower initial rates but subject to future changes
For example, a 7/1 ARM locks the rate for 7 years before annual adjustments.
Currently, ARMs are not significantly cheaper than fixed loans, reducing their appeal.
Refinancing Trends
Refinance rates are slightly higher than purchase rates, with the 30-year refinance rate at 6.36%.
This makes refinancing less attractive unless:
- You secured a much higher rate previously
- You plan to restructure loan tenure or cash flow
Why This Matters
Rising interest rates directly affect affordability—especially for Singaporeans considering overseas property or private housing loans tied to global benchmarks.
With rates expected to remain around 6% through 2026, delaying decisions could mean higher long-term costs. Acting early and comparing lenders can help secure better terms.
What You Should Do Now
- Compare multiple lenders before committing
- Consider locking in rates if buying soon
- Evaluate total cost, not just monthly instalments
- Stress-test your budget against future rate increases
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FAQs
What is the current 30-year mortgage rate?
The latest average stands at 6.37% for purchases and 6.36% for refinancing.
Will mortgage rates fall in 2026?
Forecasts suggest rates may stabilise near 6.0%–6.1%, with gradual easing possible later in the year.
What about 2027 projections?
Rates are expected to remain relatively stable, ranging between 5.7% and 6.3% based on current outlooks.
