LIBOR is the London Interbank Offered Rate – the interest rate major global banks used to charge each other for short‑term, unsecured loans in the international interbank market.

It was:

  • Calculated each business day in London for multiple currencies and maturities (overnight to 12 months).
  • Based on submissions from a panel of large banks, with the highest and lowest quotes trimmed and the middle quotes averaged to get the daily rate.
  • Widely used as a benchmark to set rates on mortgages, corporate loans, student loans, and derivatives worldwide.

However, publication of most LIBOR tenors and currencies has been wound down, and no new LIBOR interest rates have been published since October 1, 2024, as markets have moved to alternative reference rates like SOFR (in the US) and SONIA (in the UK).

Because of this phase‑out, when people now ask “what is the LIBOR rate,” they’re usually:

  1. Looking at historical data or charts of legacy LIBOR series (for example, 3‑month LIBOR up to early March 2026 on data services like FRED).
  1. Or using forecasts and “interbank” proxies published by market data providers and economic sites, which track similar short‑term bank funding rates.

If you tell me the currency (like USD, GBP, EUR) and the term (overnight, 1‑month, 3‑month, etc.), I can explain how that specific LIBOR used to be set and what replacement benchmark is used for it now.

Quick Scoop (Mini Sections)

1. Simple definition

  • LIBOR = average rate big banks say they would pay to borrow from one another, unsecured, for short periods.
  • It served as a benchmark for pricing trillions of dollars of loans and derivatives.

2. How it was calculated

  • Each day around 11 a.m. London time, panel banks submitted rates at which they believed they could borrow.
  • The administrator discarded the top and bottom 25% of quotes, then averaged the rest to publish LIBOR for each currency and tenor.

3. Is there a “current” LIBOR now?

  • Officially, new LIBOR settings are no longer being published as of late 2024.
  • Markets now rely on alternative reference rates, but many data providers still show historical LIBOR series and interbank rates for continuity.

In practice, “what is the LIBOR rate today?” has become “what’s the current short‑term reference rate that replaced LIBOR for my loan or derivative?”

TL;DR: LIBOR was the key global benchmark rate for interbank borrowing and for pricing many loans, but it has been discontinued and replaced by newer reference rates; current “LIBOR” numbers you see are mainly historical series or proxies rather than an active, official benchmark.

Information gathered from public forums or data available on the internet and portrayed here.