LIBOR Index Change
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Understand and prepare for changes to your adjustable-rate mortgage.
LIBOR index change
The LIBOR index, used to determine the interest rate charged for some adjustable-rate loans, may no longer be available after 2021. This will affect some loans and lines of credit that use the LIBOR index to determine interest rate. We’re working with regulators and consumer advocacy organizations to move existing accounts from LIBOR to another index in a way that’s fair and transparent.
What this means for you:
- If your adjustable-rate mortgage is based on the LIBOR index, we’ll assign a new index to your loan at your first rate adjustment in 2022
- Starting in August 2020, new adjustable-rate mortgages will no longer use the LIBOR index