LIBOR Index Change
We’re here to help
Understand and prepare for changes to your adjustable-rate mortgage.
LIBOR index change
We're here to help you understand and prepare for changes that will affect your adjustable-rate mortgage.
The LIBOR index, used to determine the interest rate charged for some adjustable rate loans, may no longer be available June 2023. 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.
Here's what this means for you:
- If your adjustable-rate mortgage is based on the LIBOR index, a new index will be assigned to your loan at your first-rate adjustment after June 2023.
- Starting in August 2020, new adjustable-rate mortgages no longer use the LIBOR index.