LIBOR, ARMs, Equity Lines, and Credit Lines

[T. R. Oglodyte Moderator Find all posts View Profile Close T. R. Oglodyte]

IIRC - the rate on many secured loans(such as ARMs, equity lines, and credit lines) is pegged to LIBOR - the London Interbank Offered Rate).

Apparently that rate skyrocketed overnight, almost doubling from 3.33% to 6.44 %. If that rate holds, there could be some big reverberations.