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LIBOR Being Replaced with Secured Overnight Financing Rate
January 6, 2023
Jeffrey R. Margolis
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LIBOR, Mortgages , Interest Rates, Real Estate
LIBOR, formerly known as the London Interbank Offered Rate, was the key benchmark for setting interest rates charged on adjustable-rate loans, mortgages, and corporate debt for more than 40 years. However, LIBOR is being replaced by the Secured Overnight Financing Rate (SOFR) which is considered a more accurate and more secure pricing benchmark.