Rates
Conforming,
Jumbo, Super Jumbo, Libor and other popular mortgage
loan programs. Refinance, Cash-out Refinance and Purchase
Loans.
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Prime Rate
The Prime Rate is the interest rate
charged by banks for short-term loans to their most creditworthy
customers whose credit standing is so high that little risk
to the lender is involved. Only a small percentage of customers
qualify for the prime rate, which tends to be the lowest
going interest rate and thus serves as a basis for other,
higher risk loans. This rate is usually the basis for Home
Equity Loans often used for down payment purchase money or
in equity-out refinance.
The rate is almost always the same amongst
major banks. Adjustments to the prime rate are made by banks
at the same time; although, the prime rate does not adjust
on any regular basis.
The
Prime Rate is defined by The Wall Street Journal as "The
base rate on corporate loans posted by at least 75% of the
nation's 30 largest banks."
Today's
Prime Rate is 6.00%
Libor Rate
London Inter Bank Offering Rate
(LIBOR) is an average of the interest rate on dollar-denominated
deposits, also known as Eurodollars, traded between banks in
London. The Eurodollar market is a major component of the International
financial market. London is the center of the Euromarket in
terms of volume. The LIBOR is an international index which
follows the world economic condition. It allows international
investors to match their cost of lending to their cost of funds.
There are several different LIBOR rates widely used as ARM
indexes: 1-, 3-, 6- Month, and 1-Year LIBOR. The 6-Month LIBOR
is the most common.
To see a ten year LIBOR rate history, click
here.
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