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Over the next two years, Fitch predicts that the housing NPL (non-performing loan) ratio will increase slightly, but remain low at 0.4 per cent to 0.5 per cent, thanks to improving household debt to income ratio. "Mortgage performance will also be supported by continued low unemployment of about 2 per cent in 2020 and 2021," it added.
In addition, it does not anticipate a mortgage rate increase in the near future, which would support borrowers' ability to pay. Mortgage rates rose rapidly to 2 per cent at the end of H1 2019 due to a sharp rise in the benchmark rates such as the three-month Singapore Interbank Offered Rate or Sibor. However, Singapore's benchmark rate has started to decline following a series of three rate cuts by the US Federal Reserve starting from July this year.