The average contract rate on a 30-year fixed-rate mortgage rose by 27 basis points to 6.52% for the week ended Sept 23, a level not seen since the financial crisis and the Great Recession.

Questions will also be raised on so-called doctors selling cosmetics on social media and measures to ensure that first home buyers are not bogged down with bank loan repayment charges due to stalled projects.

Industry players say long-term loans could heap financial pressure on these buyers and end up as multi-generational burdens.