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ARM Indexes:London InterBank Offered Rate (LIBOR),
Sept.-Dec. 1989 (explanation)    (More LIBOR history)

Source: Federal National Mortgage Association (FNMA)

Note: There are two widely-used 'flavors' of LIBOR. The daily version, published by the Wall Street Journal (see images to the right), is not related to the monthly version shown below. The FNMA LIBOR is widely used as a US ARM index; the daily version is not as common.

  1-Month 3-Month 6-Month 1-Year
Sep-89 9.063 9.125 9.063 9.000
Oct-89 8.703 8.688 8.438 8.375
Nov-89 8.813 8.500 8.313 8.250
Dec-89 8.500 8.375 8.313 8.234
     

There are no LIBOR quotations prior to September 1989. LIBOR fixings began in the early or mid 1980s, but the methodology and the contributor panels continued to evolve until being made standard in September 1989. LIBOR fixings prior to that date are not at all comparable with the present values. Records of these early fixings probably exist (they were used primarily for benchmarking derivatives) but we are not aware of any available source.

Click here for LIBOR history for 1990-1999
or for 2000-present.
Click here for more ARM indexes.

The Fannie Mae LIBOR rates are determined from information that is available as of 11:00 a.m. (London Time) on the second to last business day of each month. Fannie Mae makes these rates available by the last business day of each month.

LIBOR is an abbreviation for "London Interbank Offered Rate," and is the interest rate offered by a specific group of London banks for U.S. dollar deposits of a stated maturity. LIBOR is used as a base index for setting rates of some adjustable rate financial instruments, including Adjustable Rate Mortgages (ARMs).

Note that while this is evidently based on the daily LIBOR released by the BBA, this is not the same index. For more on the daily LIBOR, click here.

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