Mortgage and FinancesSingapore Property Market

SORA Rate Today: What the 3-Month Compounded Rate Says

The 3-month compounded SORA is the benchmark many floating home loans follow. Its latest reading, the fall from the peak, and what it can't tell you.

By Propwise3 min read

The 3-month compounded SORA was 1.32% on 4 Nov 2026. Its peak was 3.76% on 3 November 2023, according to the MAS series. It has moved +0.08 pp since 5 Oct 2026.

What the number is

The Singapore Overnight Rate Average (SORA) is the volume-weighted average rate of borrowing in the unsecured overnight interbank SGD cash market. That is the definition from the Monetary Authority of Singapore (MAS).

MAS publishes the 1-month, 3-month and 6-month compounded SORA each day alongside it.

The 3-month figure smooths out the day-to-day noise of the overnight rate. Think of it as a calm cousin of the daily number, so one odd day does not send the whole line zigzagging.

Many bank packages for floating-rate home loans quote a spread over it, as in our comparison of HDB loans and bank loans. Each bank and package sets its own spread.

Where it stands against the past few years

Here are readings from the MAS series on the first working day of October:

Date3-month compounded SORA
2 Oct 20233.70%
1 Oct 20243.50%
1 Oct 20251.45%
1 Oct 20261.23%

The big drop came between October 2024 and October 2025, when the rate fell by about two percentage points. Over the year to 1 October 2026 it fell by a further 0.2 points.

In 2026 the low so far was about 1.02% in late April. The rate stands at 1.32% now.

3-month compounded SORA since 2023Percent a year. Weekly values.
3-month compounded SORA since 2023. The 3-month compounded SORA stays above 3.5 per cent from mid-2023 to August 2024, falls to about 1.2 per cent by the end of 2025, reaches a low of about 1.0 per cent in April 2026 and is about 1.2 per cent in October 2026.0.0%1.0%2.0%3.0%4.0%Jan 24Jan 25Jan 261.32%3-month compounded SORA since 2023. The 3-month compounded SORA stays above 3.5 per cent from mid-2023 to August 2024, falls to about 1.2 per cent by the end of 2025, reaches a low of about 1.0 per cent in April 2026 and is about 1.2 per cent in October 2026.0.0%1.0%2.0%3.0%4.0%Jan 24Jan 25Jan 26

Latest: SORA 1.32% (4 Nov 2026).

SORA is the benchmark for floating-rate home loans in Singapore. Your bank adds its own spread.

Table view
Period3-month compounded SORA
Nov 20261.32%
Oct 20261.30%
Sep 20261.23%
Aug 20261.18%
Jul 20261.14%
Jun 20261.08%
May 20261.06%
Apr 20261.03%
Mar 20261.07%
Feb 20261.12%
Jan 20261.15%
Dec 20251.19%
Nov 20251.25%
Oct 20251.32%
Sep 20251.46%
Aug 20251.56%
Jul 20251.86%
Jun 20252.06%
May 20252.27%
Apr 20252.40%
Mar 20252.55%
Feb 20252.73%
Jan 20252.90%
Dec 20243.08%
Nov 20243.21%
Oct 20243.39%
Sep 20243.49%
Aug 20243.57%
Jul 20243.64%
Jun 20243.63%
May 20243.66%
Apr 20243.65%
Mar 20243.68%
Feb 20243.64%
Jan 20243.66%
Dec 20233.70%
Nov 20233.75%
Oct 20233.75%
Sep 20233.70%
Aug 20233.70%
Jul 20233.68%
Jun 20233.65%
May 20233.61%
Apr 20233.61%
Mar 20233.58%
Feb 20233.23%
Jan 20233.12%

Source: MAS. Data to 4 Nov 2026.

Singapore and US interest rates since 2019Percent a year. Weekly values: 3-month compounded SORA and the US effective federal funds rate.
  • 3-month compounded SORA (Singapore)
  • US federal funds rate (effective)
Singapore and US interest rates since 2019. Both rates fell to near zero in 2020 and 2021, then rose sharply in 2022 and 2023. SORA peaked near 3.7 per cent and has since fallen to about 1.2 per cent, while the US rate stays above 3.5 per cent.0.0%1.0%2.0%3.0%4.0%5.0%2020202120222023202420252026Fed 3.88%SORA 1.32%Singapore and US interest rates since 2019. Both rates fell to near zero in 2020 and 2021, then rose sharply in 2022 and 2023. SORA peaked near 3.7 per cent and has since fallen to about 1.2 per cent, while the US rate stays above 3.5 per cent.0.0%1.0%2.0%3.0%4.0%5.0%2020202120222023202420252026

Latest: SORA 1.32% (4 Nov 2026); Fed 3.88% (4 Nov 2026).

SORA is the benchmark for floating-rate home loans in Singapore. The US rate is shown for context: it moves SORA only indirectly, through the Singapore dollar and bank funding costs.

Table view
Period3-month compounded SORA (Singapore)US federal funds rate (effective)
Nov 20261.32%3.88%
Oct 20261.30%3.88%
Sep 20261.23%3.88%
Aug 20261.18%3.63%
Jul 20261.14%3.63%
Jun 20261.08%3.63%
May 20261.06%3.62%
Apr 20261.03%3.64%
Mar 20261.07%3.64%
Feb 20261.12%3.64%
Jan 20261.15%3.64%
Dec 20251.19%3.64%
Nov 20251.25%3.89%
Oct 20251.32%4.11%
Sep 20251.46%4.09%
Aug 20251.56%4.33%
Jul 20251.86%4.33%
Jun 20252.06%4.33%
May 20252.27%4.33%
Apr 20252.40%4.33%
Mar 20252.55%4.33%
Feb 20252.73%4.33%
Jan 20252.90%4.33%
Dec 20243.08%4.33%
Nov 20243.21%4.58%
Oct 20243.39%4.83%
Sep 20243.49%4.83%
Aug 20243.57%5.33%
Jul 20243.64%5.33%
Jun 20243.63%5.33%
May 20243.66%5.33%
Apr 20243.65%5.33%
Mar 20243.68%5.33%
Feb 20243.64%5.33%
Jan 20243.66%5.33%
Dec 20233.70%5.33%
Nov 20233.75%5.33%
Oct 20233.75%5.33%
Sep 20233.70%5.33%
Aug 20233.70%5.33%
Jul 20233.68%5.33%
Jun 20233.65%5.07%
May 20233.61%5.08%
Apr 20233.61%4.83%
Mar 20233.58%4.83%
Feb 20233.23%4.58%
Jan 20233.12%4.33%
Dec 20223.03%4.33%
Nov 20222.87%3.83%
Oct 20222.45%3.08%
Sep 20222.07%3.08%
Aug 20221.55%2.33%
Jul 20221.27%2.32%
Jun 20220.72%1.58%
May 20220.52%0.83%
Apr 20220.32%0.33%
Mar 20220.27%0.33%
Feb 20220.25%0.08%
Jan 20220.20%0.08%
Dec 20210.19%0.08%
Nov 20210.16%0.08%
Oct 20210.16%0.07%
Sep 20210.13%0.08%
Aug 20210.13%0.08%
Jul 20210.13%0.10%
Jun 20210.14%0.10%
May 20210.17%0.05%
Apr 20210.19%0.07%
Mar 20210.23%0.07%
Feb 20210.20%0.07%
Jan 20210.17%0.07%
Dec 20200.17%0.09%
Nov 20200.12%0.08%
Oct 20200.12%0.09%
Sep 20200.10%0.09%
Aug 20200.10%0.09%
Jul 20200.08%0.09%
Jun 20200.14%0.08%
May 20200.27%0.05%
Apr 20200.53%0.05%
Mar 20200.90%0.10%
Feb 20201.14%1.58%
Jan 20201.20%1.55%
Dec 20191.27%1.55%
Nov 20191.31%1.55%
Oct 20191.46%1.83%
Sep 20191.53%1.83%
Aug 20191.59%2.12%
Jul 20191.67%2.40%
Jun 20191.72%2.40%
May 20191.68%2.38%
Apr 20191.62%2.44%
Mar 20191.54%2.43%
Feb 20191.59%2.40%
Jan 20191.52%2.40%

Source: MAS, FRED. Data to 4 Nov 2026.

How it compares with the US rate

The effective US federal funds rate was 3.88% on 4 Nov 2026, according to FRED.

A year earlier, on 1 October 2025, it was 4.09%. SORA is well below the US rate today. The chart shows how the two have moved since 2019.

That gap is a fact about the two rates.

What a change of this size means for a loan

A move of one percentage point in the benchmark moves the rate on a floating loan by one percentage point, if the bank’s spread stays the same.

Take a S$400,000 loan over 25 years. The standard instalment formula puts the difference at roughly S$200 a month (S$1,638 against S$1,835) between a 1.7% and a 2.7% rate. Your own loan will differ with its amount, tenure and terms.

One percentage point on a S$400,000 loan is about S$200 a monthMonthly instalment, 25-year loan, at 1.7% and at 2.7% a year.
1.7% a yearS$1,638 a month2.7% a yearS$1,835 a monthDifference: about S$197 a month for one percentage point

Worked example, not an offer. It uses the standard instalment formula, equal monthly payments and the same bank spread throughout. Your loan will differ with its amount, tenure and terms.

For a loan with a fixed period, the benchmark matters only once the fixed period ends. Read the package terms for the date and the new spread.

What is behind the SORA level

Four forces shape SORA. The fourth is about your loan.

1. MAS steers the exchange rate, not an interest rate. The MAS policy framework says Singapore is a small, open economy. There, the exchange rate affects inflation more than interest rates do.

So MAS manages the S$NEER, the Singapore dollar against a basket of currencies, inside a band. MAS does not set a SORA target.

Its decision table shows two cuts to the slope of the band in January and April 2025.

It shows no change through January 2026, then small increases on 14 April and 27 July 2026.

On 14 October 2026 it made no change. This is a measured record. MAS gives no figure for the slope.

2. The US Fed sets the global price of money. On 16 September 2026 the Federal Open Market Committee raised its target range. The new range is 3.75% to 4.00%, by a 12-0 vote.

It said inflation remains elevated.

On 28 October 2026 the Committee held the range at 3.75% to 4.00%. Two members voted for a further quarter-point rise.

The effective US rate was 3.88% on 4 Nov 2026, against 1.32% for SORA. Singapore rates sit far below US rates.

SORA had already risen from about 1.02% in late April before the Fed moved (the MAS series).

3. Plenty of Singapore dollar cash holds short rates down. ING’s Deepali Bhargava wrote on 30 July 2025 that SORA had fallen largely because of ample domestic liquidity. She also wrote that a firm S$NEER was supported by strong foreign investment inflows.

4. For your loan, the bank’s spread comes on top. A floating package quotes a spread over SORA. So a change in SORA passes through to your rate one for one.

See the loan example above. A fixed period delays that.

The blog Dollars and Sense credits mainly the expected US rate cuts and safe-haven inflows for the fall, which is a different mix from ING’s.

The evidence is mixed. The Fed has since raised rates, so a view built on US cuts needs a fresh look.

interest ratesmortgage rateshome loan

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