Will the US$ Sibor rates affect home loan rates?

As reported in The Business Times today, the US-Dollar Sibor rates are at 52-week high.

Two questions come to mind:

1. Does this mean that the local Sibor-pegged loan rates will increase in tandem with the US$ Sibor rates increase?

2. Will we soon see a return of SOR-pegged housing loans, since we understand that the Singapore-US$ swap rates are set to increase?

Maybe some of you financial/banking folks out there can shed some light on the matter...

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