Recently the Feds have raised interest rates by 75 basis points.

This is because of the current rate of inflation at 8 percent in the US. Hence in order to cool down the economy the Feds have been aggressive with their interest rate hikes with 1 to 2 more hikes expected by the end of 2022.

However since Singapore is interconnected with the global economy and the global market uses USD as the currency, Singapore is affected by the rising interest rates as well.

Due to the interest rate hikes, local lenders, UOB and DBS Bank, are temporarily ceasing their fixed-rate home loans while they review the interest rates on these packages.