Singapore Interest Rate Chart: Understand Your Financial Options

Surprising fact: the 10-year SGS yield fell to 2.74% pa in Feb 2025 monthly, down from 2.92% in 2025 monthly jan — a move that changes long-term pricing for many owners.

We set the scene so you can plan, not panic. The 10-year yield is an anchor for mortgages, securities, and property price expectations. We explain how the full curve — not a single headline number — shapes your refinancing windows and portfolio choices.

For asset-rich homeowners and business owners, we translate market moves into clear options for loans, home holdings, and working capital. You’ll learn why short-end shifts hit cash flow differently than long tenors, and what to watch next in feb 2025 monthly updates.

Prefer tailored guidance? Whatsapp us for a discovery session and we’ll map the curve to your goals and time horizon.

Key Takeaways

• The 10Y yield at 2.74% (feb 2025 monthly) is a key pricing anchor.
• Plan around the whole curve to protect property prices and income.
• Short- and long-end moves affect loans and refinancing differently.
• Asset owners should prioritize flexibility and liquidity.
• Business cash planning links directly to curve shifts.

Executive summary: Where Singapore rates stand now and why it matters

Here’s a concise snapshot of current yields and the practical implications for borrowers and investors.

Latest print: 10Y SGS at 2.74% in feb 2025 monthly vs 2.92% in 2025 monthly jan

The 10Y SGS yield printed 2.74% pa in feb 2025 monthly, down from 2.92% in 2025 monthly jan. That move points to easing term funding pressure across longer maturities.

What this means for borrowers, investors, and businesses

For borrowers, a softer long end can lower the effective price of longer fixed packages. Short-end benchmarks still track the overnight policy proxy, so your borrowing mix matters.

For investors, lower yields lift bond values. Duration exposure helps if you hold to roll, but it can hurt if you need cash soon.

• Businesses: Cheaper term borrowing can aid new issuance, while working capital stays tied to short-term liquidity.
• Macro support: MAS series (Jun 1998–Feb 2025) and a positive Dec 2024 quarterly current account balance provide a stabilizing balance.
• Context: Use ranges from Mar 2018 quarterly through recent prints to frame a cautious forecast rather than chase the single lowest sticker price.

Bottom line: Hedge the next move in the curve to preserve affordability and capital, and watch feb 2025 monthly prints closely when reviewing packages or portfolio duration.

singapore interest rate chart

Our visual guide turns complex yield moves into clear decisions you can act on.

We track three pillars so you can compare price and term effects at a glance.

What our chart tracks: 10Y government yield, policy proxy, and bank benchmarks

We plot the 10Y government securities yield alongside the overnight policy proxy and bank benchmarks like 3M SIBOR/SORA. The 10Y sits at 2.74% (feb 2025 monthly), down from 2.92% (2025 monthly jan). Short-end markers include the overnight high of 4.39% (Sep 2022) and the 3M SIBOR at 3.30% (Nov 2024).

Monthly and quarterly markers to watch

We annotate key prints—mar 2018 quarterly, mar 2019, dec 2024, and jan-feb 2025—so you link historical turns to current price and risk.

How to use it: compare the short and long ends to decide whether fixed or floating pricing fits your portfolio horizon.

Methodology and sources: MAS, CEIC, and market yields

We document the datasets and steps used to build the Jun 1998–Feb 2025 monthly series so you can follow the numbers. Our focus is on consistent month-end figures and clear definitions that matter for pricing decisions.

Data range and frequency

Scope: monthly 10-year yields from Jun 1998 to Feb 2025, with month-end sampling to reduce daily noise.

Key datapoints: 10Y at 2.74% (feb 2025 monthly), prior 2.92% (2025 monthly jan). Historical bounds: max 5.69% Aug 1998, min 0.81% Oct 2020.

Definitions and benchmarks

• Long-term interest: 10Y SGS month-end yield — the standard lens for term pricing in mortgages and bonds.
• SIBOR / SORA: bank benchmarks; SORA shows secured overnight costs. 3M SIBOR was 3.30% Nov 2024.
• Policy proxy: overnight rate reflects liquidity under an exchange-rate framework (peak 4.39% Sep 2022; 4.00% Jun 2023; trough 0.02% Jul 2011).

Why yields, not just the policy proxy, drive term pricing

Lenders fund at multiple maturities. When the 10Y moves, fixed-term loan prices and bond values shift even if the overnight proxy is steady.

We cross-check yields with bank benchmarks and macro quarterly anchors — including mar 2018 quarterly markers — to explain clusters of repricing and to give you a clearer price and term view.

Sources are transparent. We pull MAS datasets compiled by CEIC and show month-end series so you can verify numbers on the MAS statistics portal.

Historical context: From the 1998 peak to the 2020 trough

Tracing yields from 1998 to 2020 helps you see when to lock and when to wait.

We map the long arc so you judge price and timing with perspective. The 10Y hit a max of 5.69% (Aug 1998) and fell to a record low of 0.81% (Oct 2020).

Fed tightening through 2016–2018 pushed global funding costs up. That fed the 2018 ascent. Key quarterly markers around mar 2018 quarterly and mar 2019 flagged the pivot into easing by late 2019 and into 2020.

Cycle lessons and practical implications

• We chart the journey from the 1998 high to the pandemic trough to show how yields compress and expand across different macro regimes.
• The 2018 ascent and 2019 pivot made fixed mortgage prices rise, then soften as easing gathered steam toward 2020.
• Into 2020–2023, ultra-low levels gave way to normalization as inflation lifted short-end references and term yields.
• These swings affect property entry prices, rent yields, and cash returns for landlords and investors.

We compare depths and durations across years, not weeks, to protect affordability. Use this history to set a realistic forecast and to pace decisions over months and years.

Latest moves: Feb 2025 monthly signals across the curve

Feb 2025 monthly moves show the curve nudging toward easier long-term pricing. We explain the practical implications for borrowers, issuers, and portfolio managers in plain terms.

10Y SGS at 2.74% and regional context

The 10Y SGS printed 2.74% in feb 2025 monthly, down from 2.92% in jan 2025 monthly. That softer long end narrows term pricing pressure and can improve fixed-price mortgage options in the near term.

Short-end trajectory: 3M SIBOR and SORA into 2025

Short markers stayed firmer. 3M SIBOR was near 3.30% in Nov 2024, while SORA reflects overnight funding moves and can shift faster than the long end.

• Practical tip: If yields soften long-end while short references hold, consider laddering — keep some floating for flexibility and lock part for duration.
• Watch the month-on-month path from jan 2025 monthly to feb 2025 monthly and upcoming 2025 monthly mar prints to confirm trends.

Policy backdrop: Understanding Singapore’s unique framework

The policy framework uses the exchange-rate band as its primary tool, not a conventional policy peg. That makes the SGD NEER the central guide for domestic pricing and funding conditions.

Exchange-rate-based MAS policy and the overnight proxy

The overnight proxy stood at 4.00% in Jun 2023. It peaked at 4.39% in Sep 2022 and bottomed near 0.02% in Jul 2011.

Why it matters: this proxy reflects liquidity and short-term funding, but MAS changes the SGD NEER slope, width, or level when it wants to shift policy.

How FX bands, inflation, and growth guide the path

Inflation and growth—both locally and among trading partners—drive adjustments to the band. A stronger currency can lower imported price pressure and ease local funding needs.

• Practical point: term yields can move even if the proxy looks unchanged, because markets price FX and global inflation expectations.
• Timing windows: quarterly reviews such as mar 2018 quarterly and mar 2019 often cluster policy assessment and market moves.
• For borrowers: floating benchmarks react to liquidity and FX; fixed pricing tracks global term yields and external pressures.

Our forecast work blends the FX band guidance with global central bank paths so you can time refinancing and protect price exposure. Track MAS statements, inflation prints, and growth signals alongside our charts to read likely moves in both short and long horizons.

Drivers of the curve: GDP, trade, inflation, and global policy

Understanding what moves the curve helps you align financing and property decisions to real risks.

Jan 2025 trade shows a surplus of USD 2,158.2 mn, with exports at USD 43,262.0 mn and imports at USD 41,103.8 mn. Exports rose 6.2% YoY while imports jumped 14.8%.

Trade and services momentum

A strong trade balance and high imports point to active supply chains and domestic demand. Dec 2024 current account balance was USD 21,619.8 mn, or 15.3% of GDP, giving a solid external cushion.

Credit conditions and balance sheets

Loan growth and household balance sheets influence banks’ pricing of risk. When credit is benign, banks compete and price for good borrowers tightens, which nudges price levels for property financing lower.

• External demand supports the curve: Jan 2025 trade data signals resilience.
• BoP and confidence: the Dec 2024 bop strengthens investor appetite and reduces term premiums.
• Inflation and FX: softer imported inflation can ease domestic pressure, while global shocks steepen the curve.

Practical upshot: use GDP and services signals, along with credit trends, to time refinancing and protect income streams. For deeper trade context see the trade statistics.

Mortgage lens: Translating the chart into home loan choices

Deciding between fixed and floating home loans starts with a clear view of how the curve may move over your loan term. Use the 10Y at 2.74% (feb 2025 monthly) and short-end markers like 3M SIBOR at 3.30% (Nov 2024) to set realistic expectations.

Fixed vs floating (SORA/SIBOR): Term, range, and lock-in strategy

Fixed packages track the long end. When the 10Y drifts lower, banks may tighten fixed pricing for 1–3 year terms. Floating (SORA/SIBOR) follows short liquidity and can move faster.

• Start with your goal: protect cash flow and flexibility, then pick structure.
• Blend: partial fixed, partial floating smooths property payments and hedges exposure.
• Calendar: build a 12-month review window to avoid surprise breaks or long lock-ins.

Hedging the next move, not the lowest headline rate

Run simple scenarios: if SORA drops 50–100 bps in a year, does floating win after fees? If the long end rises, does a short fixed term cap your downside at a fair price? Ask your bank about repricing cadence, break fees, and notice periods.

Whatsapp us for a discovery session

Whatsapp us for a discovery session and we’ll benchmark packages, quantify savings under multiple paths, and recommend a structure that protects your property plan.

Property pricing and yields: Rates, affordability, and price resilience

Property price moves reflect a mix of financing costs, demand, and macro anchors. With the 10Y SGS at 2.74% (feb 2025 monthly) and supportive trade and current account buffers into late 2024 and early 2025, medium-term price resilience is plausible.

Income, assets, and tax considerations for landlords and buyers

Focus on net income. For landlords, stress-test expected rent and vacancy against a modestly higher or lower rate range to protect cash yield.

Holding-period math matters. Entry price, projected rent, and refinancing probabilities usually shape long-run returns more than a single market print.

• Tax: allowable deductions and proper structuring can lift after-tax yields—coordinate with your advisor.
• Assets: if property is a large share of your assets, choose a conservative loan structure and keep an insurance buffer.
• Timing: use quarterly markers such as mar 2018 quarterly and dec 2024 quarterly to schedule purchases or refinances.
• Practical tip: a shorter fixed term can balance certainty and optionality when you plan renovations or rental turnovers.

We can model scenarios for you so the purchase fits comfortably within your long-term income plan and asset allocation. Contact our team to run affordability under jan 2025 monthly and feb 2025 monthly paths.

Business impact: Working capital, term loans, and securities issuance

Issuance windows open quickly after strong trade and balance-sheet prints; aligning drawdowns saves real cost. The Jan 2025 trade surplus of USD 2,158.2 mn and a robust Dec 2024 quarterly current account give issuers confidence. That demand backdrop can compress spreads for top credits.

We read forward momentum from company formation and singapore contracts awarded flow. When awards and new entities rise, banks price more aggressively for high-quality borrowers. That improves the all-in price for term loans and securities sold in primary markets.

Practical steps for corporate borrowers

• Stagger working capital facilities to limit exposure to short swings tied to short-end moves.
• Align drawdowns with issuance windows: a few weeks can change spreads and fees.
• Use caps or partial fixed tranches to manage expense volatility without locking everything.
• Lean on strong balance sheets and coverage ratios to secure better credit terms.
• In services businesses, sync rate reviews to cash-rich months to preserve liquidity.

Bottom line: Build a refinancing calendar, watch jan 2025 monthly and 2025 monthly jan prints, and use strong coverage to secure the best price when markets open.

Yield curve signals: Market-implied growth and inflation expectations

Market forwards embed expectations about growth and inflation, and the curve tells us which path investors favor.

The slope between short proxies and the 10Y (10Y SGS at 2.74% in feb 2025 monthly) shows whether markets expect stronger GDP or cooler inflation ahead.

When the curve steepens, it often signals confidence in future growth. When it flattens, caution or uncertainty is likely. Use these moves to judge whether price and term exposure suit your plan.

Dec 2024 balance and the Dec 2024 bop back tighter spreads and damp volatility. That reduces term premiums for borrowers and supports securities issuance windows.

• Practical: pair curve signals with your refinancing month before you fix.
• Portfolio: add duration when growth risks fall and inflation cools; shorten lock-ins if the curve may re-steepen.

Forecast: anchor plans to ranges implied by the curve, not a single point. We’ll carry these signals into cross-country and 2025 views to help you act with confidence.

Cross-country comparison: Where Singapore sits vs U.S., EU, and Asia

Comparing 10‑year yields abroad helps you see which markets are likely to attract capital and which will push funding costs higher.

10Y yields snapshot (Feb 2025 monthly)

Snapshot: U.S. 4.45%, EU 2.99%, Japan 1.37%, Malaysia 3.79%, South Korea 2.71%, local 2.74% (feb 2025 monthly).

• Relative position: local 10Y sits below the U.S. and Malaysia but above Japan. That mix reflects strong external balances and credit quality.
• Borrower view: better global duration demand can improve fixed package price even when overseas policy paths diverge.

Policy rates abroad: implications for markets

Selected policy levels (Feb 2025) — Australia 4.10%, Canada 3.00%, Indonesia 5.75%, Israel 4.50%, Thailand 2.00% — shape cross-border flows.

Differences in policy settings and inflation paths move capital between economies and can tighten or loosen local bank funding costs.

Practical read: exporters and issuers should watch U.S. and EU moves closely because trade, FX, and financing feed through to margins and price strategy.

Investor angle: if U.S. yields rise, local duration can still offer attractive, risk‑adjusted returns given the strong external buffers (dec 2024 quarterly, dec 2024 bop). We fold this into our feb 2025 monthly forecast and use it to time issuance and loan decisions.

Forward view: Scenario-based forecast for 2025

Our forward view lays out practical scenarios for 2025 that help you set guardrails, not guesses. We anchor the map to current datapoints — the 10Y at 2.74% (feb 2025 monthly) and the overnight proxy last seen near 4.00% (Jun 2023). Macro buffers (Jan 2025 trade surplus and the Dec 2024 quarterly current account) make the base case plausible.

Base case

What we expect: short-end benchmarks ease modestly as inflation cools and growth normalizes. The 10Y consolidates in a 2.5–3.1% range, keeping fixed-package price points relatively stable.

• Implication: favor phased refinancing and 12–18 month review windows for mortgages and property plans.
• Watch: jan 2025 monthly and feb 2025 monthly prints to confirm path.

Upside risk

Sticky services inflation or a fiscal impulse could lift term yields above the range. That pushes fixed pricing higher and raises the cost to lock duration.

• Practical action: favor shorter lock-ins or use caps to avoid overpaying for duration.
• Quantified sensitivity: a 25–50 bps long-end swing shifts fixed mortgage prices meaningfully — run breakevens before committing.

Downside risk

A global slowdown that triggers safe-haven flows could compress yields. That creates a window to extend duration opportunistically and reprice term borrowing.

• For buyers: preserve optionality and plan 12–18 months of flexibility in purchase timing.
• For businesses: keep issuance shelf-ready to capture tighter pricing if the curve dips.

How to use this forecast: treat the range as guardrails for affordability, DSCRs, and refinancing thresholds. Watch BoP updates, quarterly GDP prints (including 2024 quarterly mar), and feb 2025 monthly data — they will guide whether we drift to the top or bottom of the band.

Actionable playbook: Loans, investments, and duration management

A practical playbook turns feb 2025 monthly signals into repeatable actions. We give clear steps so you can align loans, portfolios, and liquidity with the current environment: 10Y SGS at 2.74% (Feb 2025) and a policy proxy near 4.00% (Jun 2023).

Home loans: 12-month flexibility, review windows, and repricing cadence

Prefer structures with a 12-month review window. That keeps optionality while you watch the forecast and prints like feb 2025 monthly.

Set alerts 90 days before a reset so you can compare packages and break fees. Fee math can wipe out small headline savings, so always total the cost over your intended holding time.

If the long end stays inside our forecast band, short fixed terms cap downside while leaving room to relock later. Floating can work if you keep cash buffers and clear exit rules.

Bond and securities portfolios: Duration tilts and reinvestment timing

Tilt duration modestly when yields trade near the top of the expected range. Shorten duration if spreads compress and reinvestment risk rises.

Use laddered maturities to cut reinvestment risk and hold dry powder for dislocations. Coordinate property and securities decisions so you avoid simultaneous cash drains on assets and income.

• Stress-test for +/-50–100 bps moves and set decision triggers.
• Coordinate timing: avoid simultaneous property purchases and securities redemptions.
• Strengthen credit: lower LTVs and tidy income proofs to access pricier offers.
• Whatsapp us for a discovery session — we’ll build your playbook, quantify savings, and align actions to your goals.

Conclusion

This final note pulls the practical threads together so you can act with a clear plan. ,

Key takeaways: Today’s 10Y SGS at 2.74% (feb 2025 monthly) sits below long‑run highs and above the 2020 trough, and external trade and balance sheets remain supportive into late 2024 and early 2025.

Don’t chase single prints. Use ranges, set review windows tied to 2025 monthly jan and 2024 quarterly mar updates, and test decisions against a simple forecast.

For property owners, protect cash flow with 12‑month flexibility and a clear repricing cadence. For investors, set duration guardrails and preserve liquidity for opportunistic entry.

Ready to translate this into savings and stability? Whatsapp us for a discovery session — we’ll tailor a plan that matches your goals and balance of risk and control.