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The new url for MND Newswire is http://www.mortgagenewsdaily.com/news/

Overnight Libor Makes Seven-Day Plunge

Overnight USD Libor is down sharply again on Friday, this time by 24 bps to 0.28%, marking an epic seven-day decline over which the rate has dropped 112 bps.

The move comes one day after the Bank of England slashed another 100 bps to its benchmark interest rate to an all-time low of 2.00% and the European Central Bank cut 75 bps to the marginal lending rate to 2.50%, the largest single rate cut in the central bank's history.

Meanwhile, U.S. central banking talk is revolving around how the United States will ease monetary policy further with rates already at the low 1.00% level.

According to the Wall Street Journal on Friday, the Fed is considering measures to directly target consumer lending rates such as mortgages or credit card debt.

Nevertheless, longer-term interbank lending rates remain little changed with the three-month libor at 2.19%. The libor/OIS spread was unchanged at 187 bps as was the Ted spread at 218 bps.

By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd. 2008


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  • 15 Yr FRM 3.31%
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  • Jumbo 30 Year Fixed 4.13%
MBS Prices:
Recent Housing Data:
  • Mortgage Apps 3.27%
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More From MND

Mortgage Rates:
  • 30 Yr FRM 3.97%
  • |
  • 15 Yr FRM 3.31%
  • |
  • Jumbo 30 Year Fixed 4.13%
MBS Prices:
Recent Housing Data:
  • Mortgage Apps 3.27%
  • |
  • Refinance Index 5.05%
  • |
  • Purchase Index 1.43%