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London InterBank Offered Rate (LIBOR)

LIBOR is the rate on dollar-denominated deposits, also know as Eurodollars, traded between banks in London. The index is quoted for one month, three months, six months as well as one-year periods.

LIBOR is the base interest rate paid on deposits between banks in the Eurodollar market. A Eurodollar is a dollar deposited in a bank in a country where the currency is not the dollar. The Eurodollar market has been around for over 40 years and is a major component of the International financial market. London is the center of the Euromarket in terms of volume.

The LIBOR rate quoted in the Wall Street Journal is an average of rate quotes from 16 major banks.

The most common quote for mortgages is the 6-month quote. LIBOR's cost of money is a widely monitored international interest rate indicator. LIBOR is currently being used by both Fannie Mae and Freddie Mac as an index on the loans they purchase.

LIBOR is quoted daily in the Wall Street Journal's Money Rates and compares most closely to the 1-Year Treasury Security index.

Unifirst Mortgage
NMLS# 333096
604 25 Road 
Grand Junction, CO 81505 
Phone: 970-241-4453
Fax: 970-241-8141
more locations
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Regulated by the CO Division of Real Estate

Unifirst Mortgage
NMLS# 333096
604 25 Road 
Grand Junction, CO 81505 
Phone: 970-241-4453
Fax: 970-241-8141
more locations
Privacy Statement

Licensed by the PA Dept of Banking
Regulated by the CO Division of Real Estate