Understanding Singapore Historical Interest Rates

Surprising fact: the 10-year Government securities yield fell to 2.74% pa in Feb 2025 monthly, down from 2.92% in Jan 2025 monthly — a shift that quietly resets long-term borrowing costs for many homeowners and investors.

We set the stage for how that 2.74% reading anchors long-term loans and signals pricing pressure across property and fixed-income assets.

Over the full range — a peak near 5.69% in Aug 1998 and a low of 0.81% in Oct 2020 — you gain perspective on price swings and risk across years. We explain month-end moves so you can gauge momentum without overreacting to a single data point.

Quick note: for deeper tables and monthly downloads, check the monthly statistics to compare feb 2025 monthly and past series.

Key Takeaways

• 10-year securities at 2.74% (Feb 2025 monthly) shape long-term borrowing decisions.
• The full range from Aug 1998 to Oct 2020 gives useful context for price and risk.
• Small month-to-month slips matter for momentum, not panic.
• Loan choices should match cycle position — fixed, floating, or hybrid.
• We can help translate these signals into actions for your property and income planning — Whatsapp us for a discovery session.

What “Singapore historical interest rates” cover and why they matter

Long-term bond yields act as a clear gauge of the cost of capital for property, business, and household planning.

We focus on the 10-year government securities series (Jun 1998–Feb 2025). Its feb 2025 monthly reading sits at 2.74% pa, a practical anchor for mortgages and corporate finance.

This benchmark matters because it shapes loan pricing, asset price expectations, and the balance between saving and borrowing.

• Consistent monthly updates let you compare periods and spot turning points without overreacting to a single print.
• The 10-year term aligns with medium-to-long planning horizons for loans and expansion.
• Assets with long cash flows tend to move most when this benchmark shifts.

We make the series usable so you can time reviews and align forecasts, rather than guess from headlines. With this foundation, the report shows practical steps for your portfolio and loans.

Methodology and data sources for this trend analysis/report

We outline the data sources, selection rules, and cross-checks that support the yield series and policy context. Our primary raw series is the 10-year government securities run from Jun 1998 to Feb 2025. We treat feb 2025 monthly as the latest benchmark and compare it to jan 2025 monthly for short-run moves.

Data integrity is central. We use MAS/CEIC monthly reads, prefer month-end values to smooth daily noise, and flag outliers before analysis.

• Cross-reference overnight policy markers (peak Sep 2022; Jun 2023 at 4.00%) and SIBOR/SORA context (SIBOR 3M 3.30% Nov 2024).
• Align currency moves (USD/SGD avg 1.35 Jun 2023) and REER (131.63 May 2023) when assessing drivers.
• Focus on month-over-month and year-over-year frames to form a clear forecastable signal.

Outcome: this method links policy, markets, and securities yield so you can judge price movements and balance timing across term and month frames.

Long-term trend map: From the Aug 1998 peak to the Oct 2020 trough

A long arc runs from the 5.69% high in Aug 1998 to the 0.81% low in Oct 2020. That full range frames why mid- and long-term planning needs a multi-year lens.

Month-end reads matter. The series uses consistent month-end values from Jun 1998 to Feb 2025 so you can spot confirmed turns rather than day-to-day noise.

All-time high 5.69% (Aug 1998) to record low 0.81% (Oct 2020): the full range

We note the peak-to-trough span, then the re-normalization as economies reopened. The current long yield sits at 2.74% (feb 2025 monthly), down from 2.92% (jan 2025 monthly).

Cycles, turning points, and month-end dynamics across years and months

• Structural disinflation and changing policy compressed the long-term range over years.
• True turns usually require multiple month confirmations; single-month moves often prove false.
• A mid-2% long yield implies different price and loan dynamics than prior 4–5% cycles.

Practical note: plan across ranges, not single points. Use month-end confirmation to time loan moves, and keep a balance between conviction and caution when the series shows false dawns.

Singapore historical interest rates: key milestones by period

A compact timeline from 2018 to 2020 reveals when yield moves offered real windows to act.

We map three episodes that shaped borrowing costs, property price signals, and practical timing for loans.

Mar 2018 quarterly to 2018 monthly Jan: late-cycle ascent and stabilization

Late-2017 into mar 2018 quarterly saw global yields climb. Local long securities stabilized as growth matured.

Mortgage repricing became frequent around 2018 monthly Jan. Banks adjusted packages and borrowers faced higher monthly payments.

2019 inflection: mar 2019 pause, insurance cuts, and yield curve signals

By mar 2019, central bank pauses and US insurance cuts softened funding costs. The yield curve flashed warnings for timing switches.

That pause offered a chance to rebalance loan mix and protect property price exposure ahead of downside moves.

2020 pandemic shock: rapid compression toward the trough

The pandemic drove 10Y securities down fast, hitting a trough of 0.81% in Oct 2020.

That compression opened rare refinancing windows. Strategic patience across month-end confirms often beat chasing the first move.

Note: use feb 2025 monthly and 2025 monthly jan prints to benchmark current forecasts and compare to these past ranges.

2023-2025 snapshot: policy rate, SIBOR, and 10-year yields at month end

A compact snapshot of policy and money‑market markers shows how mid‑2023 peaks gave way to softer long‑term funding by early 2025.

Key month‑end reads:

• Policy/overnight: 4.00% (Jun 2023)
• SIBOR 3M: 3.30% (Nov 2024)
• 10‑year government securities: 3.08% (Jun 2023) → 2.92% (jan 2025 monthly) → 2.74% (feb 2025 monthly)

The small month‑end drop from jan 2025 monthly to feb 2025 monthly hints at easing long‑term funding costs. For property and price negotiations, that tilt often brings more competitive fixed offers than mid‑2023.

The spread between short and long guides whether floating or fixed is more resilient for the next 12–24 months. Banks often lag money‑market moves when they reprice retail packages, which gives you a planning buffer.

Actionable tip: wait for a few confirmed month‑end prints before switching. We translate these benchmarks into concrete steps in Sections 14–15.

How MAS policy and USD/SGD shape rate cycles in an open, trade-led economy

Exchange-rate settings are the primary policy lever that shape local price and funding dynamics.

MAS uses an exchange-rate centered framework to anchor inflation and competitiveness. That stance means currency moves transmit directly into money-market behavior and bank pricing.

The USD/SGD averaged 1.35 in Jun 2023, and the REER read 131.63 in May 2023. These figures show how currency strength can damp imported inflation and, over time, ease the price of credit.

A stronger SGD within the policy band tends to lower imported price pressure. Lower imported inflation supports softer domestic growth and gives the authority room to ease money-market tension.

“Watch exchange-rate guidance and USD cycles — they often foreshadow moves in local benchmarks.”

• USD swings filter into local markets and affect short- and long-term forecasts.
• REER changes alter trade balance and, indirectly, the timing of policy shifts.
• For property owners, currency-led policy is a practical signal for when packages may reprice.

Practical tip: track currency moves and MAS statements. When both tilt the same way, banks often follow with visible price and package adjustments.

Macro linkages: GDP growth, trade balance, and balance of payments (Dec 2024)

We connect external strength and domestic credit to show how macro anchors shape financing choices into early 2025.

Current account and external debt

Current account surplus ran at 15.3% of GDP in Dec 2024, with a BoP current account of SGD 28,814.1 mn. That sizable cushion supports financial stability and helps moderate funding pressure.

Business confidence and credit

M2 was USD 994,068.268 mn in Jan 2025, up 6.7% year-on-year. Healthy liquidity supports corporate credit and working-capital lines, easing short-term refinancing risk.

• Trade flows: Jan 2025 exports USD 43,262.0 mn vs imports USD 41,103.8 mn, leaving a trade surplus of USD 2,158.2 mn.
• Buffers: FX reserves near USD 363,294.4 mn underpin market confidence.
• Debt profile: External debt was USD 2,153,029.1 mn (Sep 2024), with USD 1,370,855.0 mn short-term—a factor in rollover planning.

Bottom line: the Dec 2024 BoP and Jan 2025 flows point to a stable backdrop. For you, that means steadier price signals and more predictable loan pricing as we track feb 2025 monthly moves.

Property and mortgage transmission: home loans, SIBOR/SORA, and fixed-rate cycles

Mortgage channels translate market moves into monthly budgets and household decisions. When long yields tilt, banks adjust fixed packages and floating spreads, and that affects borrower cash flow fast.

The ascent from 2016–2018 pushed fixed mortgage offers toward the ~2.48–2.58% area. That raised monthly repayments for new buyers and tightened affordability.

The 2019–2020 downswing, accelerated by the pandemic, cut fixed packages sharply to ~1.10–1.25%. Borrowers who stayed flexible often benefited from lower payments and refinance windows.

Managing balance, buffers, and term choices

We recommend matching term length to your cash-flow plan. A 2-year vs 3-year fixed choice can suit different forecasts and tolerance for repricing waves.

Compare SIBOR/SORA floating paths to fixed cycles: floating follows money-market moves quickly (SIBOR 3M at 3.30% Nov 2024), while fixed lags and smooths monthly volatility.

• Practical rule: keep a buffer of 3–6 months’ income to absorb repricing shocks.
• Landlords often accept higher short-term variability; owner-occupiers may prefer locking a term to protect price exposure.
• Watch spreads, lock-ins, and exit fees—headline price is not the whole story.

“Align loan structure with likely cycle direction and your cash-flow needs.”

We link these mechanics to the 10Y trend and feb 2025 monthly prints so you can time term choices with clearer conviction.

Market pricing of risk: government securities, yield curve signals, and securities flows

Securities markets price future uncertainty; the 10‑year print is one visible marker of that view.

What yields embed. Government paper bundles expectations about growth, inflation and policy across different terms. The 10Y moved from 3.08% (Jun 2023) to 2.92% (jan 2025 monthly) and then to 2.74% (feb 2025 monthly).

Curve shape matters. A steep curve signals stronger growth or higher term premium. A flat or inverted curve flags caution. Read the 2Y–10Y spread as a compact dashboard for timing and balance.

Cross-border flows chase relative yields and safety. The U.S. 10Y was about 4.45% (Feb 2025), EU 2.99%, Malaysia 3.79%, Japan 1.37%, South Korea 2.71%. These gaps influence local pricing and funding for mortgages and assets.

Practical guide. For property investors, a flat curve argues for flexibility. If the curve sustainably steepens, consider locking favorable term pricing. Always seek multi-month confirmation before acting.

“Use curve signals to prepare documentation early and schedule negotiations strategically.”

Global comparison lens: where Singapore’s long-term yield sits versus peers

Comparing long-term yields across major economies helps clarify where local funding sits in a crowded global market.

Relative yield versus major and regional peers

At 2.74% (feb 2025 monthly), the local 10‑year yield sits below the U.S. (4.45%) and Malaysia (3.79%), but above Japan (1.37%) and Thailand (2.18%).

This spread matters. The gap to U.S. Treasuries draws yield-seeking flows to higher nominal returns, while lower Volatility and policy credibility keep demand steady here.

• Regional context: South Korea at 2.71% clusters close, showing Asia’s mid-range funding costs.
• For property: relative yields shape the supply of fixed offers and the price landlords can demand.
• Currency note: hedging changes effective yield for global investors and alters capital flows.

“Use the global lens to set realistic return hurdles and avoid false comparisons.”

What changed in 2024 quarterly Mar through Dec 2024 quarterly

The arc of 2024 moved from tightening chatter in March to a calmer, more balanced backdrop by December.

Services resilience and steady trade flows kept incomes firmer even as inflation and earnings cooled. That mix reduced upward pressure on the cost of borrowing and shifted market focus toward stabilizing price signals for assets and property.

Key dynamics and practical takeaways

• Lower near-term pressure: cooling inflation and softer earnings cut the push for higher short-term rate moves.
• Services strength and steady trade supported household and business income, which helped property sentiment steady into year‑end.
• Asset repricing: equities and fixed income found footing; fixed-income appeal rose as long yields sat below mid-3% into early 2025.
• Interbank easing—SIBOR 3M at 3.30% by Nov 2024—improved refinancing math for many borrowers and prompted bank package updates into December.
• For landlords, stabilized rents plus moderating financing costs lifted net yields, improving cash-flow balance.

Watch three indicators to time your next review: service demand, trade volumes, and income trends. Align your end-of-lock-in reviews with confirmed month-end prints—for example, compare 2025 monthly jan and feb 2025 monthly—to capture the window when bank offers and property price expectations often shift.

Bottom line: the March–December 2024 sequence favored balance over tightness. Stay nimble: time your reviews near the end of lock-ins and watch services, trade, and income data for the next adjustment.

Early 2025 reads: Jan 2025 monthly to Feb 2025 monthly and implications

Early 2025 shows a subtle pivot: the 10‑year print eased from 2.92% (jan 2025 monthly) to 2.74% (feb 2025 monthly). That drop, paired with steady money growth, points to a more benign refinancing backdrop for many holders of property and debt.

Credit and deposits remain supportive. M2 stood at USD 994,068.268 mn in Jan 2025, up 6.7% year‑on‑year. FX reserves near USD 363,294.4 mn and a trade surplus of USD 2,158.2 mn add buffer to funding confidence.

• Practical read: the month-to-month fall in the 10Y suggests banks may offer tighter fixed spreads if this holds.
• For property owners: slightly improved price dynamics make reviewing fixed options worthwhile.
• Household action: refresh pre-approvals so you can move quickly when packages shift.

Sequencing note: align applications with confirmed month‑end prints rather than a single month. If feb 2025 monthly is followed by similar reads, expect banks to widen competitive offers and improve break‑even horizons for locking fixed terms.

“Use confirmed month‑end prints to avoid whipsaw; small moves can open meaningful windows.”

Scenario paths ahead: rate forecast ranges and timing alignment

Looking ahead, two clear paths frame planning for loans, property moves, and timing. One path is a soft landing where SORA drifts into a 2.50–3.00% range. The other is a slowdown scenario that pushes SORA lower or keeps it flat for longer.

SORA toward mid‑2s versus a slower descent

In the soft‑landing view, cooling earnings and easing policy pressure push SORA into the mid‑2s by late 2024 / early 2025. That path supports tighter fixed spreads and steadier price moves for property.

Under a slowdown, SORA could fall further or plateau. Banks may delay repricing, which lengthens the window for attractive floating offers.

Term structure and break‑even timing

The term structure tells you how long to hold a fixed if you want to beat floating. Simple break‑even math shows 2‑year fixes often win if SORA rallies; 3‑year terms pay off if SORA drifts sideways or rises slowly.

• Triggers: GDP surprises, inflation prints, and global policy shifts.
• Guardrails: cue action when 10Y signs sit below mid‑2% and when feb 2025 monthly confirms a trend.
• End‑of‑lock‑in timing: align negotiations with expected windows to avoid penalties.

“Plan for ranges, not points — your loan choice should work if either path plays out.”

Checklist for home owners: compare break‑even months, exit fees, and repricing schedules before you switch. We unpack concrete steps in the next section.

Actionable strategies for homeowners and businesses during transitions

When market momentum shifts, timely choices on loan structure can protect monthly cash flow and future price expectations. Use a clear checklist to trade uncertainty for control.

Fixed, floating, and hybrid choices

Fixed: consider 2–3 year terms when long yields stabilize or drift lower. In 2016–2018, 2–3Y fixes locked savings as price pressure rose.

Floating: favor SORA-pegged options when policy momentum eases. During 2019–2020, floating kept many homeowners and businesses ahead as the market fell.

Hybrid: split debt between fixed and floating. Staggered terms create rolling options and preserve balance across time.

Practical steps and monitoring

• Prioritize exit options with 12‑month reviews to avoid heavy penalties.
• Align loan size and term with your income and rental buffers.
• Businesses should use caps or collars if exposure is large.
• Track a short dashboard—10Y, SORA, and feb 2025 monthly—before you act.

“Prepare documents early and calendar your end-of-lock-in dates to act on month-end signals.”

Ready to tailor this? Whatsapp us for a discovery session and we’ll co-design a simple plan that fits your home or property goals and the current forecast.

Conclusion

, The 10‑year print eased to 2.74% (feb 2025 monthly) from 2.92% (2025 monthly jan), creating a practical window to review mortgage and property plans.

Macro buffers — a large current account surplus and deep reserves — support a stable backdrop. SIBOR 3M at 3.30% (Nov 2024) and the policy overnight anchor mean short-end moves still matter.

Plan across scenarios. Use break-even checks to weigh fixed versus floating, protect cash flow, and keep price expectations realistic. If feb 2025 monthly holds, consider reviewing fixed offers.

We can help turn this forecast into a clear, tailored path so you stay balanced and ready for the next turn. Reach out when you’re ready.