SORA Tracker Calculator

SORA Rate Tracker

Track the latest Singapore Overnight Rate Average (SORA) rates used for floating-rate mortgages.

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1-Month SORA-
3-Month SORA-
6-Month SORA-
Effective Date-

How to Use the Sora Calculator

Key Takeaways

  • SORA replaced SOR as Singapore's primary mortgage benchmark in 2024 — any floating-rate home loan signed after that date is almost certainly pegged to 1-month, 3-month, or 6-month compounded SORA.
  • SORA moved from 0.05% in 2021 to a peak of approximately 3.7% in late 2023, adding roughly $1,500–$2,000 per month to the mortgage payment on a $1M loan within two years — a swing most borrowers had not stress-tested.
  • Compounded SORA is not the same as the daily published SORA: the 1-month compounded rate compounds daily overnight rates over the period and is typically 5–15 basis points above the arithmetic average of daily SORA over that month.
  • Your actual all-in mortgage rate equals compounded SORA plus the bank spread (typically 0.8–1.2%): at 3M SORA of 3.0%, the all-in rate is approximately 3.8–4.2% — well above the 1.5–2.5% rates common in 2019–2021.
  • Locking into a fixed rate makes sense when SORA is elevated and forecast to fall; staying floating makes sense when SORA is low and expected to remain stable — this tracker helps you time that decision.

What It 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 It Matters

On a $1,000,000 home loan at 25-year tenure, a 1 percentage point rise in the all-in mortgage rate increases monthly repayment by approximately $560 and total interest paid over the loan life by roughly $97,000. When 3-month compounded SORA rose from 0.2% in January 2022 to 3.7% by December 2023 — a 3.5-point swing — borrowers on floating-rate packages saw their monthly payments jump by $1,960 on a $1M loan. For homeowners already stretched at 55% TDSR, that move was the difference between a manageable loan and genuine financial stress. Tracking SORA is no longer optional for anyone with a floating-rate mortgage.

The single most important number this tracker gives you is the current 3-month compounded SORA, because that is the rate most banks use as the reset benchmark on floating-rate packages in Singapore. Add your bank's spread (shown in your loan letter, typically 0.8–1.2%) and you have today's effective mortgage rate — updated daily by MAS. When that number crosses your stress-test threshold (usually 4.0–4.5%), it is time to seriously model a refinancing to fixed rate.

The most common confusion is between the daily published SORA and the compounded SORA used in mortgage contracts. Daily SORA is the volume-weighted average rate of actual overnight borrowing transactions in Singapore's unsecured interbank market, published by MAS each morning. Compounded SORA is calculated by compounding that daily rate over 1, 3, or 6 months — the result is mathematically higher than a simple average because of daily compounding, and can diverge by 10–20 basis points in volatile periods. Some borrowers assume their rate is based on a simple average and are surprised when their reset statement shows a slightly higher figure. This tracker shows the compounded versions so you see exactly what your bank sees.

Once you know your current effective rate, run the numbers in the Mortgage Calculator to see your updated monthly payment, and use the Refinancing Calculator to evaluate whether switching to a fixed-rate package makes financial sense given current SORA levels and your remaining loan tenure.

How It Works

  • 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.

Examples

Floating-Rate Borrower Checking Reset Impact

Inputs
Outstanding Loan
$850,000
Remaining Tenure
22 years
Current 3M SORA
3.12%
Bank Spread
+0.90%
Results
All-In Rate
4.02%
Monthly Payment
$5,287
vs. Rate at 2.5%
$4,782 (saving $505/mth)
Annual Extra Interest
$6,060

How to read this: This borrower took out a floating-rate loan in 2021 when SORA was near zero. With 3M SORA now at 3.12% and a 0.9% bank spread, the all-in rate is 4.02% — up from approximately 1.5% at origination. The monthly payment has risen from around $4,027 to $5,287, an increase of $1,260 per month or $15,120 per year. Total additional interest over the remaining 22-year tenure, assuming SORA stays at current levels, amounts to roughly $332,640 versus the rate at origination. This exercise illustrates...

New Buyer Comparing Fixed vs Floating Package

Inputs
Loan Amount
$1,200,000
Tenure
25 years
Fixed-Rate Offer
3.60% for 3 years
Current 1M SORA + Spread
3.98% (3.08% + 0.90%)
Results
Fixed Monthly Payment
$6,088
Floating Monthly Payment
$6,328
Fixed Saving (3 yrs)
$8,640 if SORA stays flat
Break-Even SORA Drop
SORA must fall below 2.70% within 18 months to make floating better

How to read this: At current SORA levels, the fixed-rate package at 3.60% saves $240 per month versus floating at 3.98%, totalling $8,640 over the 3-year lock-in. The floating package only outperforms if SORA drops significantly — specifically, 1M SORA would need to fall below approximately 2.70% (resulting in a 3.60% all-in rate or better) within the first 18 months and stay there for the fixed package's advantage to be eliminated. Given the MAS's stated monetary policy path, this borrower should weigh the ...

Tips & Pitfalls

Expert 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

  • Confusing daily SORA with compounded SORA. MAS publishes the daily overnight SORA each morning — that is the raw transaction rate. Your mortgage contract uses compounded SORA (1M, 3M, or 6M), which compounds each daily SORA over the reference period. In a rising rate environment, compounded SORA can run 10–20 basis points higher than the simple arithmetic average of daily rates. If you track daily SORA and assume that is your rate, you will consistently underestimate your...
  • Assuming SORA and the Fed Funds Rate move in lockstep. SORA reflects Singapore's domestic interbank overnight market, which is heavily influenced by global rates but not identical to them. During 2022–2023, SORA lagged the Fed's hikes by 2–4 months and peaked slightly lower. During easing cycles, SORA can also lag or diverge based on SGD liquidity conditions. Borrowers who projected their reset rates solely from US Fed announcements consistently got the timing and magnitu...
  • Forgetting the lock-in period penalty when refinancing. Most floating-rate SORA packages have a lock-in of 1–3 years with an early repayment penalty of 0.75–1.5% of the outstanding loan. On an $850,000 loan, that is $6,375–$12,750. If you decide to refinance to fixed rate when SORA spikes, but are still within the lock-in window, you may find the breakeven period for the new package extends to 4–5 years, eliminating the benefit. Always note your lock-in expiry date an...

Frequently Asked Questions

Is my data saved?
No. All calculations run entirely in your browser. Nothing you enter is transmitted to our servers or stored anywhere. SORA rate data is fetched from MAS public data — your personal loan details never leave your device.
What is the difference between 1M, 3M, and 6M SORA?
All three are compounded SORA rates, but they compound daily overnight rates over different reference periods — 1 month, 3 months, or 6 months respectively. Longer reference periods smooth out short-term rate spikes, so 6M SORA is generally the most stable and 1M SORA reacts fastest to rate changes. Most Singapore floating-rate mortgages reset monthly using 1M or 3M compounded SORA. If your loan letter says "3M SORA + 0.90%", look at the 3-month rate on this tracker to know your current eff...
Why did SORA replace SOR?
SOR (Swap Offer Rate) was based partly on USD LIBOR, which was discontinued globally in June 2023 as part of the LIBOR transition. MAS and the financial industry migrated Singapore mortgages to SORA because it is based entirely on actual overnight Singapore dollar transactions — making it a more robust and domestically anchored benchmark. If you have a legacy SOR-pegged loan, your bank should have converted it to SORA by end-2024 under the industry transition plan.
How often does my mortgage rate reset if it is pegged to SORA?
It depends on your loan contract. Most SORA-pegged packages reset monthly — meaning every 30 days your bank looks at the published 1M or 3M compounded SORA, adds their spread, and that becomes your rate for the next period. Some banks reset quarterly. Check your loan letter for the reset frequency and the reference date. If rates have risen since your last reset, your next payment will be higher; if they have fallen, it will be lower.
Should I switch from floating SORA to a fixed rate now?
This depends on where SORA is in the rate cycle and your risk tolerance. As a rule of thumb: when SORA is above 2.5% and market consensus expects it to fall, locking in a fixed rate protects you from overpaying if the cut is slower than expected. When SORA is below 1.5%, floating usually wins because the risk of it rising is higher than the small saving from fixing. Use the Refinancing Calculator to model your exact break-even point before deciding.

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Disclaimer: Figures shown are estimates for planning purposes only. Rates, rules, and grant quanta change frequently — verify with your bank, HDB, or a licensed financial advisor before acting.