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LIBOR
In the United States, the most common LIBOR maturities used in pricing
loans -- 1, 3 and 6 months -- can be found below.
Back in the mid-1980's, the world banking system adopted LIBOR
as a much needed benchmark for short-term, interbank loans. LIBOR
rates are now internationally recognized indexes used for pricing
many types of consumer and corporate loans, debt instruments and
debt securities across the globe. For example, LIBOR is used as
an index for a large percentage of adjustable-rate mortgages (ARM)
in The United States.
The Fed
Funds Target Rate, America's benchmark interest rate, and the
U.S. Prime Rate
are controlled by America's central bank: the U.S. Federal Reserve.
LIBOR rates, however, are not controlled or regulated by
England's central bank, or any other central bank for that matter.
Scroll down this page to read about how
LIBOR used to be fixed.
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Current
US Dollar LIBOR Rates§ |
| Maturity |
Rate
(%) |
| 1-Month LIBOR |
4.96018 |
| 3-Month LIBOR |
4.85372
|
| 6-Month LIBOR |
4.68213
|
| The
12-Month USD LIBOR Rate Has Been Discontinued. |
|
Above LIBOR rates are for September
30, 2024 fixing ±.
This webpage updated on October 1,
2024.
|
| The Current
US Prime Rate |
8.00% |
The Current
Target
Range for
the Fed Funds Rate |
4.75% - 5.00%
|
Chart:
U.S. Prime Rate vs. Fed Funds Target Rate
vs. 1-Month LIBOR vs. 3-Month LIBOR
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From the Financial
Conduct Authority (FCA)
"...After June 30,
2023, panel banks will stop contributing and the Overnight
and 12-Months USD LIBOR settings will cease. The FCA is
proposing to require the continued publication of the 1-,
3-, and 6-Months USD LIBOR settings on a 'synthetic', unrepresentative
basis for a temporary period after end-June 2023 until end-September
2024..."
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How U.S. Dollar (Eurodollar) LIBOR Used to Work
How did the IBA fix LIBOR rates denominated in U.S. dollars?
Just before 11:00 a.m. GMT, it would poll a specific panel
of highly reputable, high-volume banks which participate in
the London wholesale money market. The IBA would find out
the rate at which each bank on the panel could borrow Eurodollars
from other banks, for specific maturities. The IBA would figure
out the trimmed arithmetic mean for each maturity,
then publish these rates at about 11:45 a.m. GMT. The American
banks that were included in the panel surveyed by the IBA
for U.S. dollar fixing were:
- Bank of America N.A.*
- JP Morgan Chase Bank N.A.*
- Citibank N.A.*
There were 15 non-U.S. banks surveyed for U.S. dollar fixing
in London. These banks were:
- Bank of Tokyo-Mitsubishi UFJ Ltd
- Barclays Bank plc
- BNP Paribas SA*
- Credit Agricole Corporate & Investment Bank
- Credit Suisse AG*
- Deutsche Bank AG*
- HSBC Bank plc
- Lloyds TSB Bank plc
- Rabobank Intl CCRB (Cooperatieve Centrale Raiffeisen
- Boerenleenbank B.A)
- Royal Bank of Canada
- Société Générale*
- Sumitomo Mitsui Banking Corporation Europe Limited
- The Norinchukin Bank
- The Royal Bank of Scotland plc
- UBS AG
* = London Branch
A Eurodollar is a US dollar deposited in any bank outside
the United States.
For more on how
LIBOR works, click
here.
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Current
LIBOR Rates |
LIBOR History | SITEMAP
Prime
Rate Chart | LIBOR
Rates Chart | Daily
LIBOR
Certificates
of Deposit | International
Prime Rates
Mortgage
Rates | Target
Range for the Fed Funds Rate
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Chart:
Prime Rate vs. 15 & 30 Year Mortgages vs. 10-Year Treasury
Yield
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