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LIBOR Mortgage rates?
Wizard_Michigan
Posts: 2 Newbie
Hello,
This is my first post on the MSE forums so I hope it is in the right place.
I have a mortgage that's interest rate is partly tracking on LIBOR. It has been going since 2004 but I have never got round to checking the maths until now. First and foremost, I would like to understand how Kensington calculate my interest rates.
It says on their website they calculated the most recent rate on 13th May, which was 0.85%, but when I look through the LIBOR rates online, there is no 0.85 on that date. Worse still, there is no single LIBOR rate...
So my question is, how are my LIBOR rates calculated? :huh:
Thanks for any light you are able to shine on the subject.
This is my first post on the MSE forums so I hope it is in the right place.
I have a mortgage that's interest rate is partly tracking on LIBOR. It has been going since 2004 but I have never got round to checking the maths until now. First and foremost, I would like to understand how Kensington calculate my interest rates.
It says on their website they calculated the most recent rate on 13th May, which was 0.85%, but when I look through the LIBOR rates online, there is no 0.85 on that date. Worse still, there is no single LIBOR rate...
So my question is, how are my LIBOR rates calculated? :huh:
Thanks for any light you are able to shine on the subject.
0
Comments
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Lenders usually use three-month LIBOR to set their mortgage rates.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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kingstreet wrote: »Lenders usually use three-month LIBOR to set their mortgage rates.
Thanks for your response Kingstreet.
I still can't find the actual rate that was used to calculate my interest rate. How come the LIBOR rate according to Kensington does not match any LIBOR rate I can find online?0
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