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The London InterBank Offered Rate (LIBOR)

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   Chart: U.S. Prime Rate vs. Fed Funds Target Rate vs. 1-Month LIBOR vs. 3-Month LIBOR

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.
Current US Dollar LIBOR Rates§
Maturity Rate (%)
1-Month LIBOR 5.43507
3-Month LIBOR

5.58833

6-Month LIBOR

5.71605

The 12-Month USD LIBOR Rate Has Been Discontinued.

Above LIBOR rates are for May 20, 2024 fixing ±.

This webpage updated on May 21, 2024.

The Current US Prime Rate 8.50%
The Current
Target Range for
the Fed Funds Rate

5.25% - 5.50%


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..."

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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