Posted by Art_MD on 4/11/08 8:09am
Msg #243189
FYI -current LIBOR rate
I know that in going over the note with the borrower, you probably took note of the rates on ARMs. Many were tied to the LIBOR rate. i.e. LIBOR +4.25 when they adjust.
Current LIBOR is about 2.66%. This is down ~2.6% in last year. So, the above rate would adjust to 6.91%. Lot different than a rate of 9.48% last year.
Art
Current rates can be found at link below
http://www.bankrate.com/brm/ratewatch/other-indices.asp
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