SORA (Singapore Overnight Rate Average) replaced SIBOR as the standard floating-rate benchmark for Singapore mortgages by end-2024. Published daily by MAS, it drives your monthly repayment if you hold a floating-rate home loan. This guide shows you exactly where to find the latest figures, what they mean for your instalment, and when to act (as of 2026-06).
If your mortgage is pegged to a floating rate, every few weeks a small but consequential number is quietly updated on the Monetary Authority of Singapore website — and that number directly determines how much you pay. That number is SORA, the Singapore Overnight Rate Average. Since the phased discontinuation of SIBOR concluded by end-2024, virtually every new floating-rate home loan in Singapore is now quoted as Compounded SORA + a fixed bank spread. Yet many homeowners still do not know where to check the rate, what “compounded” actually means, or how to decide whether to stay on their current package or refinance. This guide fixes that, step by practical step.
What SORA is — and how it replaced SIBOR
SORA stands for the Singapore Overnight Rate Average — a volume-weighted average of all actual overnight interbank SGD borrowing transactions in Singapore, published each business day by the Monetary Authority of Singapore (MAS). Because it is anchored in real, executed transactions rather than panel-bank submissions, it is considered more robust and manipulation-resistant than its predecessors.
SIBOR (Singapore Interbank Offered Rate) and SOR (Swap Offer Rate) were the dominant floating benchmarks for Singapore home loans for decades. SOR was discontinued first, followed by the retirement of all retail SIBOR-linked products by end-2024. Any outstanding SIBOR loan was contractually converted to a SORA-linked package at that point. If your loan documentation references SIBOR today, contact your bank — it should already have been transitioned.
Banks now quote floating packages as either 1-Month Compounded SORA or 3-Month Compounded SORA, plus a spread (typically 0.5 %–1.0 %). The compounded rate smooths out the daily volatility inherent in an overnight rate by continuously re-investing each day's overnight rate over the relevant tenor. The result is a single monthly or quarterly figure that moves more gradually than the raw daily SORA number. The tenor — 1M versus 3M — sets how frequently your effective rate resets: a 1M compounded SORA package reprices every month, giving you faster exposure to rate cuts (and hikes); a 3M package reprices quarterly, offering slightly more predictability. The bank spread, by contrast, is fixed for the lock-in period and does not change with market rates.
For HDB flat buyers, floating-rate packages are available from HDB directly (pegged to the CPF Ordinary Account rate, currently 2.5 %) or from commercial banks on SORA terms. The HDB loan interest rate page and the CPF OA interest rate guide are useful reference points when comparing options.
Track the Singapore Overnight Rate Average (MAS SORASORA) — the benchmark for most floating-rate mortgages. See historical trends, understand 1M/3M/6M SORA compounding, and calculate how rate changes affect your monthly payment.
What This Calculator Does
Track the Singapore Overnight Rate Average (SORA) — the benchmark for most floating-rate mortgages. See historical trends, understand 1M/3M/6M SORA compounding, and calculate how rate changes affect your monthly payment.
You can find this calculator in the Calculators tab on ShiokNest. It updates results instantly as you adjust inputs — no waiting, no page reloads.
Why This Matters
What You Will Discover
After running this calculator with your personal numbers, you will know:
Step-by-Step Guide
- 🏠 Navigate to Calculators — Click the "Calculators" tab in the ShiokNest navigation bar. All 47 calculators are grouped by purpose for easy access.
- 🔍 Select the calculator — Choose "How to Track SORA Rates for Your Mortgage" from the calculator list. You will see default values already loaded so you can explore immediately.
- 📊 Review the results — The calculator updates instantly as you change any input. Key results are displayed in KPI cards and charts that update as you adjust inputs.
- 🔄 Run what-if scenarios — This is where the real power lies. Change one variable at a time to see its impact. For example, try increasing the interest rate by 1% or extending your holding period by 5 years. Note how the results shift.
- 💾 Compare and decide — Run 2-3 different scenarios and note the results. This gives you a range of outcomes to base your decision on, rather than relying on a single projection.
Worked Example
Real-World Scenarios to Try
Here are some realistic scenarios you can plug into the calculator right now. Each one reflects a common situation Singapore property buyers face.
| Scenario | Settings to Try | What You Will Learn |
|---|---|---|
| Current rate check | View latest 1M and 3M SORA | Where rates stand today and the direction of the trend |
| Historical comparison | View 2-year SORA history | How volatile SORA has been and whether to lock in fixed rates |
| Rate impact on payment | $1M loan, compare SORA+0.80% vs 3.5% fixed | Monthly payment difference between floating and fixed in today's market |
Expert Tips and Common Pitfalls
💡 Pro Tips
- Use realistic assumptions — Singapore condo appreciation has historically averaged 2-4% per year. Avoid overly optimistic projections. When in doubt, use 3% as a baseline.
⚠️ Common Pitfalls
🤔 What-If Scenarios to Explore
Get the most value from this calculator by testing these scenarios:
- Run at least 3 scenarios — best case, base case, and worst case — to understand the full range of outcomes.
Related Calculators
Your property journey involves many interconnected decisions. These calculators work hand-in-hand with this one:
- How to Use the Mortgage Calculator
- How to Read the Borrowing Sensitivity Heatmap
- How to Compare Mortgage Loan Packages
Ready to Crunch Your Numbers?
Check where SORA stands today and how it has moved over the past year. If you are on a floating rate, this directly affects your monthly payment.
Official Sources
This how-to guide is auto-generated using ShiokNest's calculator defaults. All worked examples use default values — adjust inputs to match your personal scenario for accurate results.
Reading the numbers: where SORA stands and what it means for your instalment
MAS publishes the daily SORA, the 1-Month Compounded SORA, and the 3-Month Compounded SORA on its SORA reference rates page. Data is typically available by 9 a.m. on the following business day. Historically, SORA tracked broadly in line with global rate cycles: it climbed sharply alongside US Federal Reserve hikes in 2022–2023, then eased as the Fed pivoted in late 2024. As of 2026-06, compounded SORA tenors sit materially below their 2023 peaks, though the trajectory depends on both domestic MAS policy and offshore rate movements.
To see concretely what a rate move means, consider a worked illustration. Suppose you have a $700,000 outstanding loan balance with 25 years remaining.
- Scenario A — Floating at 3M Compounded SORA of 2.80 % + 0.80 % spread = 3.60 % all-in: monthly instalment approximately $3,565.
- Scenario B — Fixed package at 3.20 % all-in: monthly instalment approximately $3,379.
- Scenario C — Floating at SORA of 2.00 % + 0.80 % = 2.80 % all-in: monthly instalment approximately $3,237.
The gap between Scenario A and Scenario C is roughly $328 per month — over $3,900 per year — purely from a 0.80 percentage-point SORA movement. That magnitude explains why tracking the rate matters. Use the ShiokNest Mortgage Calculator to model your specific balance, tenure, and spread combination, and the Refinancing Calculator to weigh break-even periods when considering a switch. If you want to compare two packages head-to-head, the Loan Comparison Calculator lets you run both scenarios side by side.
A rising SORA environment erodes the advantage of floating packages. When 3M Compounded SORA is climbing by 0.25 %–0.50 % per quarter, a 2-year fixed package can lock in meaningful savings if you expect the upswing to continue. Conversely, when SORA is falling — as it did through late 2024 and into 2025 — staying floating means your instalment drops automatically at each reset, with no refinancing cost. The decision ultimately hinges on your rate outlook, lock-in period, and refinancing cost, not on a single snapshot of SORA today.
Step by step
- Bookmark the MAS SORA page. Go to mas.gov.sg/monetary-policy/sora and save it. The page shows the latest daily SORA, 1-Month Compounded SORA, and 3-Month Compounded SORA. Check it monthly at a minimum — weekly if you are actively evaluating a refinance.
- Find your reset date and tenor. Pull out your loan Letter of Offer and identify (a) whether your package is 1M or 3M Compounded SORA, (b) what the fixed spread is, and (c) when your next rate reset date falls. Your bank statement should also show the current effective rate being applied. Write these down — they are your baseline.
- Calculate your all-in rate. Add the MAS-published compounded SORA for your tenor to your fixed spread. For example, if 3M Compounded SORA is 2.75 % and your spread is 0.80 %, your all-in rate is 3.55 %. Plug this into the Mortgage Calculator to verify your expected next instalment.
- Monitor the trend, not just the snapshot. Rates move gradually. Create a simple monthly log — a note on your phone or a spreadsheet row — recording the 3M Compounded SORA each time you check. After three to four months you will have a clear picture of whether the rate is rising, falling, or flat. This context matters far more than any single day's figure.
- Assess your lock-in status. If you are within a lock-in period, refinancing triggers a penalty (typically 0.75 %–1.5 % of the outstanding loan). Use the Refinancing Calculator to compute the break-even period: divide the total penalty and legal costs by your projected monthly savings on the new package. If the break-even is under 24 months and you have sufficient tenure remaining, refinancing may still make sense.
- Compare at least two packages. Banks update their SORA packages frequently. Request a Letter of Offer from your existing bank and at least one competitor. Input both into the Loan Comparison Calculator to see total interest cost over 5 and 10 years, not just the headline rate.
- Time your application around rate resets. If you are on 3M Compounded SORA and a reset is due in six weeks, submitting a refinancing application now gives the new bank enough time to process, disburse, and take over before the next reset — meaning you skip one potentially higher reset entirely. Conversely, locking in a fixed package just before a projected rate cut locks in unnecessary cost; aim to fix during rising cycles and stay floating during falling ones.
- Review annually even if you do nothing. Make an annual calendar reminder — ideally three months before your lock-in expires — to repeat steps 1–6. Refinancing has a narrow window: too early and you pay the penalty; too late and you drift on a suboptimal rate for another year. Consistent monitoring removes the guesswork.
Frequently asked questions
What exactly is the difference between daily SORA and Compounded SORA?
Daily SORA is the volume-weighted average rate of all actual overnight interbank SGD transactions on a given business day — a single number reflecting that day's market. Compounded SORA takes each daily SORA observation over a specified lookback period (one month or three months) and compounds them together, as if you had rolled over a one-day deposit every day. The compounding smooths out spikes and troughs, producing a more stable figure. Your mortgage instalment is based on the compounded figure, not the raw daily rate, which is why a single high day does not dramatically swing your repayment.
My loan documents still reference SIBOR — does that mean I am on a bad rate?
All retail SIBOR-linked home loan products were retired by end-2024. If your loan was originated before that date on a SIBOR peg, your bank was contractually required to transition it to an equivalent SORA-linked package. You should have received written notification and a new effective rate from your bank. If you are unsure, contact your bank directly to confirm your current benchmark and spread — the statement you receive each month should show the rate currently being applied to your outstanding balance.
Is a fixed-rate package always safer than a SORA floating package?
Not necessarily — it depends on the rate environment and your personal cash flow tolerance. A fixed rate provides certainty: you know exactly what you will pay for the locked period regardless of what SORA does. However, if SORA falls significantly during that period, you forego the savings and are locked into a higher rate. The reverse is also true: if SORA rises, your fixed package looks extremely attractive. There is no universally “safer” option — the right choice depends on your outlook for rates, the remaining loan tenure, how sensitive your household budget is to instalment changes, and the penalty and costs involved if you need to exit early.
How much can my monthly instalment actually change between SORA resets?
For a typical 25-year loan of $600,000 at 3M Compounded SORA, a 0.50 percentage-point movement in the all-in rate translates to roughly $150–$180 per month. A full 1.0 percentage-point move — which occurred multiple times during the 2022–2023 rate cycle — can shift the instalment by $300–$360 per month on a loan of that size. For larger loans above $1 million, the same rate move amplifies proportionally. Use the Mortgage Calculator to model the exact impact for your outstanding balance and remaining tenure.
When is the best time of year to refinance in Singapore?
There is no single universally optimal calendar month for refinancing in Singapore, but there are structural timing considerations. Aim to apply three to four months before your lock-in period expires — this gives the new bank time to process, value your property, and disburse without a gap. Avoid submitting applications in late December when bank processing slows. More important than the calendar month is rate timing: if you expect SORA to rise further, locking into a fixed package sooner rather than later captures lower fixed rates before they reprice upward. If you expect SORA to fall, staying floating or waiting for a lower rate environment before fixing can be advantageous. Check the Refinancing Calculator to assess break-even on your specific numbers before acting.