(Bloomberg) -- Singapore’s third-largest lender United Overseas Bank Ltd has hiked the mortgage rate on some of its fixed rate packages, The Straits Times reported on Thursday.

UOB on Wednesday night raised the rate on its three-year fixed rate package to 3.08% per annum, from 2.8% previously, the ST said. 

The bank had also raised the rate for its two-year fixed rate package to 2.98% from 2.65% previously.

Separately, Citi has also confirmed to the paper that the rate for its new two-year fixed rate package for Citigold clients is at 2.95%. 

Globally, borrowing costs are rising as central banks seek to cool surging inflation.

The Fed this month increased interest rates by 75 basis points, the biggest hike since 1994. 

NOTE: Singapore’s Biggest Lender DBS Raises Mortgage Rates: ST

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