Mortgage takes a bigger bite of my income
By Stocks N Savings  •  June 17, 2022
CNA published an explainer last evening about how the U.S. Fed interest rate hike impacts mortgage rates in Singapore [here].This brings to mind a letter I received from DBS a few days ago. The bank wrote that in view of the increase in their FHR6 (6 months Singapore Dollar fixed deposit interest rate), they will be raising my mortgage rate from 1.00% to 1.55% p.a. accordingly. My first reaction was, "Yikes." I know the Fed had hiked Fed Funds Rate (FFR) by 50 basis points in May, but DBS is raising their FHR6 by 55 basis points??? I can imagine getting more letters from DBS in the remainder of the year, as the Fed had just hiked FFR by 75 basis points in June, and is committed to do the same in their July meeting if required. This spurred me to reach deep into my email inbox and retrieve the...
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By Stocks N Savings
SS is a wage slave in his early forties. He works in the information technology industry. (Technically, his employer has been operating a cloud-based Software as a Service (SaaS) platform long before the world has heard about the Internet.)

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