LIBOR stands for London InterBank Offered Rate.
It's the average interest rate at which banks offer to lend money to one another in the wholesale money markets in London. It is a standard financial index used in U.S. capital markets and can be found in the Wall Street Journal and most financial newspapers and websites. It's an index that is used to set the cost of most ARM loans. Most ARMs adjust annually and are tied to the 1-Year LIBOR rate.
Today's 1-Year LIBOR Rate: 1.049%
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