Lets start with “What is LIBOR” Libor is short for the London InterBank Offered Rate, the interest rate offered by a group of large banks.

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The London Interbank Offered Rate is the average interest rate estimated by leading banks in London that the average leading bank would be charged if borrowing from other banks. It is usually abbreviated to Libor. It is the primary benchmark, for short-term interest rates LIBOR rates are quoted for 1-month, 3-month, 6-month and 12-month.

A LIBOR mortgage is a variable rate mortgage which is linked to a specified LIBOR index and is adjusted each review date against the LIBOR index, plus a margin.

LIBOR is watched closely by both professionals and private individuals because the LIBOR interest rate is used as a base rate (benchmark) by banks and other financial institutions. Rises and falls in the LIBOR interest rates can therefore have consequences for the interest rates on all sorts of banking products such as savings accounts, mortgages and loans. 

historical libor rates chart

historical libor rates chart

 

 

 

 

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