3 Month Libor
** Discontinued July 2023 **
3 Month LIBOR (Reported Monthly) Definition
What is the LIBOR Rate? What is the LIBOR Index?
*** Special Note: LIBOR as it was traditionally calculated has ceased publication. The last official rate was for June 30, 2023 which gets published here as the July rate per traditional publication methodology.
*** There is now a synthetic LIBOR rate published by ICE Benchmark Administration for a brief period of time – which is not published here.
LIBOR stands for “London Inter-Bank Offered Rate.” This interest rate is based on rates that contributor banks in London offer each other for inter-bank deposits. From a bank’s perspective, deposits are simply funds that are loaned to them. So in effect, a LIBOR is a rate at which a fellow London bank can borrow money from other banks in a particular currency. Rate calculations are complex as they incorporate variables such as time, maturity and currency exchange rates. There are hundreds of LIBOR rates reported each month in numerous currencies. We report the 3 Month LIBOR on or after the first of the month. This is the LIBOR for a three month deposit in U.S. Dollars on the last business day of the previous month. For instance, the reported rate for February is the rate published on February 1, reflecting the LIBOR for January 31.
Note: This monthly reported rate is a common index for adjustable rate mortgages using a LIBOR index. Prior to July 2007, the Fannie Mae LIBOR rate was published as a standard adjustable rate mortgage index. Fannie Mae discontinued the use and publication of its own LIBOR rates at the end of June 2007 and suggested the replacement rate index use this current methodology, which is similar to the Wall Street Journal LIBOR (WSJ LIBOR).
3 Month Libor History
Reasonable efforts are made to maintain accurate information. However, information could contain errors or inaccuracies and is presented without warranty. No liability is assumed for errors or omissions.