Friday, September 14, 2007

Interest Rates

People, I don't care if our mortgage rates drop to 3%, adjustable rate mortgages are based (almost exclusively from our experience) on LIBOR, the London Interbank Rate!!

This week Month ago Year ago
1 Month LIBOR Rate 5.80 5.59 5.33
3 Month LIBOR Rate 5.70 5.53 5.39
6 Month LIBOR Rate 5.49 5.40 5.43

THIS is what is driving the ARMS....and the FED has NO control over it....

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