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Reply to "Impact of the LIBOR rate scandal on mortgage rates?"
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[quote=Anonymous]I thought, correct me if I'm wrong since this is not exactly my field of study, but that the LIBOR sets interest rates for basically everything- fixed or not. So yes, it may have a more visible volatile reaction with ARMs, but in reality everything is effected. So rates may be for 30 yr fixed this week at 3.67% but last Thursday they were at 3.62%. Now whether this scandal will have a significant impact... I honestly hope it DOES. I hope rates drop another .5%... because then it will make sense for myself and a lot of others who bought with a rate around 4% to refi. The LIBOR rate is also tied to private student loans. So as a political strategy, if it goes down- this could only help certain administrations... I read a financial piece last week on the scandal and a certain economist + professor from MIT said the process of LIBOR fixing and all the banks involved dwarfs by several magnitudes any financial scandal the world has seen yet. [/quote]
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