Synopsis: The Straits Times analyses Singapore's latest news and announcements.

Home loan rates in Singapore hit their highest in years on Tuesday (Oct 4), after banks raised their fixed-rate packages.

UOB launched two-year fixed-rate packages at 3.75 per cent per annum and three-year fixed-rate packages at 3.85 per cent per annum. DBS raised the rates for its fixed-rate packages to 3.5 per cent per annum.

Senior business correspondent Chor Kheing Yuit explains what the new rates mean for home owners.

Produced by: ST Video team

Edited by: ST Video team and Penelope Lee

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