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Prime Rate - Currently 3.25%

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.

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."

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.

WEBSOURCE KNOWS FHA LOANS

The Federal Housing Administration has helped millions of Americans secure their dream of homeownership since 1934. Now we want to keep those dreams alive.

We provide loans made by FHA approved lenders throughout the United States and its territories. FHA insures mortgages on single family, multifamily and manufactured homes. It is the largest government backed mortgage insurer.

Find an FHA Lender

Only lenders approved by FHA can process an FHA loan.

Give us a call to go over the FHA loan limit in your area 1-877-975-6261

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